Corsica farmer gets more than 7 years prison time for cattle ‘ponzi’ scheme | SiouxlandProud | Sioux City, IA

 Corsica farmer gets more than 7 years prison time for cattle ‘ponzi’ scheme | SiouxlandProud | Sioux City, IA

SIOUX FALLS, S.D. (KELO) — Farmers living in the Corsica area lost $24 million dollars in a cattle Ponzi scheme. The man behind the scam, Robert Blom, was sentenced in federal court today on two charges: wire fraud and money laundering. As part of a plea bargain, 30 other counts were dropped.

Robert Blom.

This case is about 30,000 fake cows and the loss of $24 million dollars by more than 50 Douglas County farmers. But what it really comes down to is a deep betrayal that has rocked the close-knit community of Corsica.

Norman and Bonnie DeLange are lifelong friends of the Blom family. They also did business with Blom, buying interest in cattle that Blom sold over and over again without their knowledge.

Kennecke: How many years had you guys been friends?
Norman DeLange: All our life. We lived close to them, yep. Their folks were within five miles of us growing up.
Kennecke: What does it feel like to be betrayed…

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