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Man pleads guilty to defrauding Fulton bank, others of $8 million

Man pleads guilty to defrauding Fulton bank, others of $8 million

June 28th, 2011 in News

Kevin Ray Asbury, 44, a former Howard County man, pleaded guilty in federal court in Jefferson City Monday to operating two cattle fraud Ponzi schemes in which 28 victims, including The Callaway Bank of Fulton, were bilked of nearly $8 million.

The Callaway Bank lost about $2.7 million, according to the U.S. Attorney's office in Kansas City.

By pleading guilty, Asbury must forfeit to the government all property involved in the bank fraud and wire fraud schemes, including a money judgment of $9,095,005.