Authorities say John Bradley Cox, age 40, obtained two loans in 2022, one for $20,000 and one for $159,000. The loans were to be used to purchase farm equipment and cattle.
After defaulting on the terms of the loan, Bank officials say they went to the farm on September 10th to pick up the cattle but were told that 125 heads of cattle had been sold and only 75 remained.
On October 2, Salem Police and Fulton County Sheriff’s Office interviewed Cox in reference to selling the mortgaged property.
Cox told them he had now sold all the property except for a fence stretcher.
Cox was arrested and charged with felony defrauding a financial institution.
Cox was released on a $10,000 bond.