KANSAS CITY, Kan. - An Overland Park, Kan., man pleaded guilty Monday to participating in more than $5 million in bank and wire fraud.
Ronald Catrell, 46, pleaded guilty to bank fraud, aggravated identity theft, money laundering and wire fraud in the case, which defrauded several Kansas City-area banks.
Prosecutors say that Catrell used false information to obtain a $1.3 million line of credit from Valley View Bank in Overland Park. He used similar false information to borrow $750,000 from Bank of the West in Lee’s Summit, Mo.
Catrell swindled an additional $1 million from M&I Bank for his company, Software4Biz Consulting, by using fake documents.
As part of his plea, Catrell has agreed to a sentence of 120 months in federal prison and more than $5.7 million in restitution.
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