Wood County Man Guilty of Selling Mortgaged Cattle

TYLER — A 26-year-old Winnsboro man has pleaded guilty in Tyler federal court to selling mortgaged cattle. Michael Kord Chapman pleaded guilty yesterday to an Information charging him with conversion of mortgaged property. He appeared before U.S. Magistrate Judge John S. Love. According to information presented in court, between February 18, 2011 and April 7, 2011, Chapman sold approximately 158 head of cattle valued at over $83,400.00 that had been pledged as collateral on a loan from the Farm Services Agency. Instead of paying the loan, Chapman kept the proceeds of the sale for himself and converted them to his own use. Chapman faces up to 5 years in federal prison at sentencing. A sentencing date has not been set. Chapman has agreed to pay restitution of $83,622.42 to the U.S. Department of Agriculture Farm Services Agency.