Could This Investment Fraud Scam Have Been Put to Pasture?
Last month, Kevin Ray Asbury pleaded guilty in federal court to charges that he operated two financial fraud schemes from December 2006 - October 2008.According to the U.S. Attorney's Office, Mr. Asbury had used his R&K Angus Ranch business to solicit investors across the United States. This would finance purchases of cattle that Mr. Asbury would raise and sell for a profit. However, the government alleged that Mr. Asbury used fraudulent statements as part of the scheme.
Mr. Asbury has allegedly admitted to soliciting new investors to pay debts and returns that he had already promised to previous investors in the scam, which was run like a Ponzi scheme. Twenty-seven different investors reportedly lost a combined $5.1 million in the scam, according to the U.S. Attorney's Office. A bank reportedly lost another $2.7 million in false collateral.
It has been reported that the government will recommend that Mr. Asbury forfeit all of his property and be sentenced to nine years without parole for this financial investment scam.
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Our experienced Ohio investment fraud lawyers represent Ohio investors in stockbroker mediation, arbitration, and litigation claims. To reach an investment fraud attorney at the only law firm in Ohio that is exclusively dedicated to individual investor claims and class action lawsuits, please call David P. Meyer & Associates at 1.866.429.2360 to schedule a consultation.
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