Man uses bank, wire fraud in $5M scheme

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.