Fraud Friday – Former AgGeorgia Loan Officer Guilty of Loan Fraud Conspiracy

February 4, 2022

Delaney Sexton
Contributing Editor

Fraud Friday – Former AgGeorgia Loan Officer Guilty of Loan Fraud Conspiracy

“William Spigener recruited willing participants in a scheme to defraud two banks focused on supporting farmers and the agricultural industry, causing significant financial losses and harm,” says U.S. Attorney Peter D. Leary. “Our office will not hesitate to seek federal prosecution against fraudsters who take part in scams that hurt our local businesses, workers and consumers.”

After working at AgGeorgia Farm Credit from 2012 until his resignation in 2019, Spigener decided to enlist the help of others willing to pretend to be borrowers. The “borrowers” used their own personal information and appeared at the loan closings at both AgGeorgia Farm Credit and AgSouth Farm Credit. As compensation for their help, William would provide approximately 10% of the loan proceeds.

With his knowledge as a loan officer, he would create documentation that would ensure the loan applications would be approved even though none of the other fraudsters engaged in farming activity. They did not have the collateral to back up these loans either. Spigener attempted to repay some of the loans, but he was not able to repay most of the loans. Both financial institutions suffered losses, and the total losses were between $550,000 and $1.5 million.

William and his three co-conspirators all pleaded guilty to conspiracy to defraud a financial institution, carrying a maximum sentence of 30 years in prison and a $1 million fine. Spigener’s sentencing is scheduled to take place on March 9, 2022.

“Spigener violated the trust placed in him by the bank he worked for and now will pay a significant price for his actions, with the potential of many years behind bars,” says Phillip Wislar, Acting Special Agent in Charge of FBI Atlanta. “The FBI will do everything in our power to get justice for companies that have been defrauded by corrupt individuals.”

DOJ Press Release