Missouri Cattle Investment Scheme Milks Investors for $8 Million
Kevin Ray Asbury, formerly of Howard County, pleaded guilty to wire fraud,
money laundering, and bank fraud in federal court for his involvement
in a cattle investment scheme that allegedly took $8 million from investors.
According to the federal charges, Asbury perpetuated two Missouri investment
schemes through his R&K Angus Ranch. The business allegedly brought
in investors by promising a return if investors would finance the purchase
of cattle. Asbury then claimed he would raise and sell the cattle, but
authorities state that this was really just a cover for a
Asbury stated he was in debt and out of cash in May 2007. He stated he brought in new investors in order to pay off earlier investors and take care of his own finances.
The Callaway Bank was also taken in by Asbury, who obtained a $4 million line of credit from the bank with the cattle as collateral. When the bank attempted to collect the collateral, it was found that Asbury, although he had claimed to have 6,000 head of cattle, had not a single cow.
Asbury faces nine years in prison, including a monetary judgment and forfeit of all property involved in the scams.
The Missouri investment fraud lawyers with Meyer Wilson represent investors nationwide in stockbroker mediation, arbitration, and litigation claims.