The Corsica man involved in a multi-million-dollar foreclosure case now faces 32 criminal charges in federal court.
The U.S. District Attorney's Office announced Monday that Robert Blom, 58, was indicted March 3 on 17 counts of money laundering, nine counts of wire fraud and six counts of mail fraud, allegedly causing losses currently estimated at $20 million.
Blom pleaded not guilty Monday to all charges, which stem from allegations that he defrauded investors in his custom cattle-feeding business from January 2014 through February 2019, at which point First Dakota National Bank filed a foreclosure case against him in Douglas County.
Blom allegedly sold the same groups of cattle to multiple investors, knowing that he couldn't purchase the amount of cattle he told investors he would., and then altering invoices. He's also accused of telling investors he would use their money to purchase and care for more cattle but instead using that money to repay other investors.
The fraud charges were filed because Blom allegedly mailed invoices and other documents to investors, had payments mailed to him and made and received payments by check.
If convicted, Blom could be sentenced to up to 20 years in federal prison and could be ordered to pay fines of up to $250,000 for wire fraud and $5,000 for money laundering, as well as $3,200 to the Federal Crime Victims Fund. He could additionally be ordered to pay restitution.
Blom was released pending trial.