Bernie Madoff of cows cost investors $100M in ‘Ghost Cattle’ Ponzi scheme: suit
A Kentucky cattleman allegedly conned dozens of investors out of $100 million with promises of non-existent "ghost" cattle and the profits from their slaughter before taking his own life. Now, attorneys, investigators, his alleged victims, and his grieving family have been left to pick up the pieces. On Thursday, attorneys Mark Bryant, Emily Roark, and David Bryant of Bryant Law Center, Ron Parry of Strauss Troy, and William F. McMurry of William F. McMurry and Associates have filed a class action lawsuit on behalf of residents in Kentucky who, they allege, were defrauded in a cattle investment Ponzi scheme. The lawsuit accuses Community Financial Services Bank, RABO AgriFinance, and Mechanics Bank of enabling the scheme by providing financial backing and ignoring "clear signs of misconduct, causing devastating financial losses for dozens of Kentucky investors." About six years ago, Brian McClain began seeking investors for his cattle business. According to Drovers, who spoke to sources familiar with the scheme, McClain offered a "guarantee" of a 30 percent return on their investment. The cattleman operated a trio of businesses: McClain Feed Yard Inc, McClain Farms Inc, and 7M Cattle Feeders Inc. He used his businesses to aggregate cattle from various sources —...