Former Missouri business owner admits defrauding bank

3 years 4 months 4 weeks ago Wednesday, February 18 2015 Feb 18, 2015 Wednesday, February 18, 2015 2:30:34 PM CST February 18, 2015 in News
By: The Associated Press

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.

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