Three former executives of a failed livestock firm based in New Albany, Indiana have been sentenced for their roles in swindling Kentucky farmers. Authorities say farmers should receive restitution as part of the sentences.
Barren-Metcalfe County Circuit Judge Phil Patton sentenced Eastern’s former Chief Financial Officer, Steve McDonald, to ten years in prison, to run concurrently with any federal sentence received.
Judge Patton sentenced accountant Darren Brangers and 48 year old affiliate Grant Gibson to five years and they must pay restitution to the farmers who weren’t paid the money they were owed by Eastern Livestock , LLC.
Prosecutors say the men falsely inflated the balances in company bank accounts to buy cattle from Kentucky producers with funds that didn’t exist.
Restitution for farmers who sold their livestock at a Metcalfe, Kentucky auction site totals more than $850,000.
Kentucky Attorney General Jack Conway’s office has already distributed more than $300,000 in restitution to more than 170 Kentucky farmers.