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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 Ponzi scheme. 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.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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