A mid-Missouri man admits he ran an $8 million Ponzi scheme based on cattle.

The federal prosecutor says Kevin Ray Asbury had 28 victims, including a Fulton bank that lost about $2.7 million.

Asbury has agreed to a nine-year federal prison sentence without parole.  A judge will decide whether that deal will be accepted.

Asbury claimed to own about 6,000 head of cattle that were house on land he had leased.  In truth he had no lease and no cattle.