Acting United States Attorney Dennis R. Holmes announced that a Corsica, South Dakota, man convicted of Wire Fraud and Money Laundering was sentenced on November 4, 2021, by U.S. District Judge Karen E. Schreier.
Robert Blom, age 59, was sentenced to 91 months in federal prison, followed by three years of supervised release, $24,282,865.94 in restitution, and a special assessment to the Federal Crime Victims Fund in the amount of $200.
Blom was indicted by a federal grand jury on March 3, 2020. He pled guilty on August 2, 2021.
The conviction stemmed from incidents beginning on or about January 2014 and continuing through February 2019, when Blom, with the intent to defraud, devised and intended to devise a scheme and artifice to defraud and to obtain money and property from others. Blom’s scheme and artifice to defraud was to unjustly enrich himself by obtaining funds fraudulently.
Blom operated a custom cattle-feeding business in the Corsica area. As a part of his business, Blom solicited investors for groups of cattle. He purchased groups of cattle from various livestock companies and those groups of cattle were raised on feedlots owned or used by Blom. He raised the groups of cattle to maturity, and then sold them to processing plants. After the groups of cattle were sold, Blom paid the profits to the investors in the groups.
However, Blom sold the same groups of cattle to multiple different investors. Blom sent identical cattle purchase…