The head of two engineering firms in southwest Missouri has been sentenced to more than five years in prison for a bank fraud scheme.
67-year-old James Ledbetter admitted to inflating amounts due on dozens of contracts and even making up invoices for work never done, on accounts he sold to a bank in exchange for operating cash. The scam involved about 6.7 million dollars.
Ledbetter pleaded guilty in March to bank fraud, money laundering and failure to pay taxes.
