A Clinton man involved in a $4.7 million cattle investment scheme pleaded guilty to charges set against him during a federal court proceeding last year and was recently sentenced to almost a decade in federal prison.
According to a news release, 43-year-old Cameron J. Hager, pleaded guilty before U.S. District Judge Gary A. Fenner to one count of wire fraud and one count of money laundering in which he defrauded 92 investors who believed they were purchasing cattle for resale at a profit in June 2018. Hager admitted that he engaged in the fraud scheme from July 2015 to September 2017. This case was investigated by the FBI and the Securities Division of the Missouri Secretary of State’s Office.
Hager reportedly used the proceeds of the scheme to make payments on the mortgage of his residential property, as well as the purchase of two vehicles and two Winnebago travel trailers.
Under federal statutes, Hager was subject to a sentence of up to 30 years in federal prison without parole.
On Tuesday, March 5, 2019, Judge Fenner sentenced Hager to spend eight years in a federal penitentiary without parole and also ordered him to pay $3.2 million in restitution to the victims for his crime.