Craig Johnson of Butler, MO, pleaded guilty to federal fraud charges stemming from a multimillion-dollar scheme involving fictitious cattle investments and loans.
Prosecutors said Johnson, a former pastor in El Dorado Springs and vice president and loan officer at Community First Bank, collected money from people who believed he would buy cattle and resell them for a profit. Instead, Johnson put the money into his personal investment account, where he traded high-risk stocks and used money from newer investors to repay earlier ones.
Prosecutors said his overall scheme defrauded individuals and financial institutions of at least $9.4 million. Johnson now faces federal prison time.
