Bryant Law Center and two other firms filed a class action lawsuit against Community Financial Services Bank, Rabo AgriFinance and Mechanics Bank for their alleged roles in a “ghost cattle” Ponzi scheme.
Local Kentucky news outlet WPSD Local 6 reported that the suit claims the banks sustained a Ponzi scheme by financially backing and ignoring signs of misconduct by Kentucky farmer Brian McClain, who led the scheme. McClain was alleged of defrauding investors millions of dollars through a ghost cattle investment operation before he died by suicide in 2023.
“The plaintiffs, many of whom were everyday Kentuckians, invested their savings in what they believed was a stable, high-yield cattle operation,” said Bryant Law Center founder Mark Bryant. “The complaint outlines how the banks allegedly turned a blind eye to hundreds of millions of dollars in irregular and suspicious transactions and details how each bank played a distinct role in facilitating McClain’s scheme.” Plaintiffs seek compensatory and punitive damages.
