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Weatherford cattleman admits to fraudDALLAS (AP)--A cattleman from Weatherford faces up to 20 years in federal prison for a fraud scheme that cost investors and banks more than $6.7 million. Prosecutors say 58-year-old Oscar Black, who operated OB Cattle, pleaded guilty May 20 in Dallas to mail fraud. Sentencing is Sept. 2. Black also faces a $250,000 fine and paying restitution. Court documents indicate Black had guaranteed investors a 12 percent annual rate of return, but was unable to deliver on his financial promises. The U.S. attorney's office says Black mailed bogus monthly account statements to investors, who lost more than $3.1 million. Black also made false representations to First National Bank of Weatherford and Wells Fargo Bank, which together had nearly $3.6 million in losses. 5/26/08 Date: 5/22/08
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