Victims of an alleged $100 million Ponzi scheme orchestrated by a Kentucky rancher dubbed the “Bernie Madoff of cows” have filed suit against lenders for allegedly failing to heed red flags, according to a report.
Brian McClain, of Benton, Ky. — who died by suicide at age 52 on April 18, 2023, just days before the fraud was uncovered — is accused of orchestrating a yearslong “ghost cattle” scheme that promised investors 30% returns while relying on borrowed money to pay off early participants.
Last week, McClain’s victims filed a class action lawsuit against Community Financial Services Bank, Rabo AgriFinance and Mechanics Bank – alleging that the lenders enabled the fraud and ignore “clear signs of misconduct, causing devastating financial losses for dozens of Kentucky investors.”
Brian McClain, 52, of Benton, Ken., has been dubbed the “Bernie Madoff of cows.” Collier Funeral Home
News of the lawsuit was reported