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Federal fraud charges given to Kansas cattle buyer

In Kansas, a cattle buyer is facing federal charges for alleged wire fraud. The 62-year-old man is the owner of Anthony Livestock Co., and he used to be the president of the National Livestock Marketing Association.

According to the allegations, an agreement was in place between the buyer and JBS Five Rivers Cattle Feeding to purchase cattle at what was known as a "delivered price." This price lumped together the cost of cattle, health costs, freight costs, and a commission based on weight. Five Rivers told the man about the maximum delivered price, and he bought cattle at sales in Oklahoma and Kansas. The barns where he bought them would then produce invoices with the auction price.

The documents allege that the invoices were used to lie about the prices, inflating them at the auction level. A minimum of 14 inflated prices where then faxed on to cattle feeding companies like Five Rivers.

If the cattle buyer does end up being convicted, he could spend 20 years behind bars, in a federal institution. That's the maximum possible penalty. He could also be told to pay as much as $250,000 for each fraud count. As noted above, it appears that the authorities have found 14 alleged cases of fraud at this time, though that is being reported as a minimum and so there could be more that come out during the course of the case, impacting the total fines dramatically.

Financial crimes are often very complex and could be the result of honest mistakes with paperwork and documentation. It's important for those who are being charged to know their rights, especially when the potential sentence is life-changing.

Source: WIBW News Now, "Kansas Cattle Buyer Indicted on Federal Fraud Charges," Ryan Ogle, June 22, 2016

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