Former Missouri business owner admits defrauding bank
KANSAS CITY, Mo. (AP) - The owner of a now-defunct northwestern Missouri business faces up to three decades in federal prison now that he has admitted defrauding more than $2 million from a bank.
Seventy-one-year-old Wilbur Duncan of Savannah, Missouri, pleaded guilty Wednesday to four counts of loan-application fraud.
Federal prosecutors say that while owning Duncan Agri Service, Duncan made dozens of materially false statements on inventory reports to get a line of credit for his business.
The government says the scheme defrauded U.S. Bank in St. Joseph of nearly $2.2 million, with the bank losing $1.46 million after Duncan's business was liquidated.
A sentencing date was not immediately set.