Associated Press, Published December 18 2009
Man who used cows to defraud Montana banks sentencedBILLINGS, Mont. — A cattle buyer from North Dakota who falsely claimed ownership of a herd in eastern Montana has been sentenced to 11 years in federal prison for bank fraud.
Forty-one-year-old Todd Kenneth Horob of Williston was sentenced by Chief U.S. District Judge Richard Cebull in federal court in Billings on Thursday for bank fraud, wire fraud, bankruptcy fraud, money laundering and aggravated identity theft. Cebull also ordered Horob to pay $6 million in restitution.
Prosecutors say Horob lied about owning thousands of cattle to obtain bank loans, and then laundered the money by having it transferred to a different credit union. Horob filed for bankruptcy in Montana in March 2006. Prosecutors say he made false statements and used another person's identity in those proceedings to further defraud creditors.
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