North Dakota: Kenneth Horob sentenced in phantom cattle scheme | TSLN.com
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North Dakota: Kenneth Horob sentenced in phantom cattle scheme

A North Dakota man was sentenced Tuesday, May 3, in Billings, MT, to 11 years in federal prison for using cattle he didn’t own as collateral for a bank loan.

Kenneth Horob, president of Horob Livestock Inc., was caught in a scheme using 7,000 head of cattle he claimed to own as collateral to borrow money. Horob actually owned only 60 head. He was sentenced on five counts of wire, bank and bankruptcy fraud and money laundering.

Montana Chief U.S. District Judge Richard Cebull imposed a $6 million fine in addition to Horob’s prison sentence. Cebull said Horob had “little if any respect for the law,” and showed no remorse for his actions. Horob maintained he was innocent.

A North Dakota man was sentenced Tuesday, May 3, in Billings, MT, to 11 years in federal prison for using cattle he didn’t own as collateral for a bank loan.

Kenneth Horob, president of Horob Livestock Inc., was caught in a scheme using 7,000 head of cattle he claimed to own as collateral to borrow money. Horob actually owned only 60 head. He was sentenced on five counts of wire, bank and bankruptcy fraud and money laundering.

Montana Chief U.S. District Judge Richard Cebull imposed a $6 million fine in addition to Horob’s prison sentence. Cebull said Horob had “little if any respect for the law,” and showed no remorse for his actions. Horob maintained he was innocent.


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