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Be Faithful
Published 1 month, 1 week ago
Description
According to the Wall Street Journal, Brian McClain, a Kentucky rancher, ran a Ponzi scheme that cost investors and bankers $170 million. The fraud could have been caught many years earlier. Lending on livestock, done properly, requires periodic livestock inspections. Rabo AgriFinance was McClain’s primary lender, but Rabo loaned McClain millions without any cattle inspections for four years. In addition, Rabo’s own files noted that McClain was frequently overdrawn ...
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