The Billings Gazette reports a North Dakota man was resentenced to 11 years in federal prison for using cattle he didn’t own as collateral for a bank loan.
Kenneth Horob, president of Horob Livestock Inc., was caught in a scheme using 7,000 head of cattle he claimed to own as collateral to borrow money. Horob actually owned only 60 cows. Horob was sentenced on five counts of wire, bank and bankruptcy fraud and money laundering.
Chief U.S. District Judge Richard Cebull imposed a $6 million fine in addition to Horob’s prison sentence. Cebull said Horob had “little if any respect for the law,” and showed no remorse for his actions.
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Source: The Billings Gazette