KANSAS CITY, Mo. (AP) - A Missouri man has been indicted in a $4.7 million scheme to defraud about 90 investors who believed they were investing in cattle.
The U.S. attorney's office says a nine-count indictment that was unsealed Tuesday alleges that 42-year-old Cameron Hager, of Clinton, convinced people to invest in a "cattle fund." The indictment says he claimed the fund would be used to purchase cattle from financially distressed farmers and ranchers and then sell the animals later at a profit. But prosecutors allege he never actually purchased or intended to purchase any cattle.
Prosecutors say some investors did receive payments that were purported to be earnings from cattle sales, but that the money actually came from other investors. Court documents say Hager paid for his personal expenses with most of the money.
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