Monday, January 09, 2006

Paper Cattle rustlers lose cert to united states xupreme court 2 Missouri cattle brokers convicted of livestock ponzi scheme George Young, of Grant City, and Kathleen McConnell, of Kansas City appealed their 9year and 7 year respective sentences to the eighth circuit court of appeals and lost in 2005. when their cattle brokerage United Livestock Services went out of business on Aug. 10, 2001, company records showed the company had 343,937 cattle on hand worth $175 million. But the company actually had only 16,946 cattle, worth about $9.2 million. Total public losses exceeded $160million dollars. Today the US Supreme Court denied their petition for cert. from the eighth circuit court of appeals that had upheld the district court's enhancing the defendant's sentences for jeopardizing financial institutions and for violating prior administrative orders from Packers and Stockyards Act violations. The eighth circuit opinion relates that the Banks of Elkhorn and Madison had to raise emergency capital to stay solvent after the losses came to light.

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