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Norfolk Cattle Feedlot Owner Sentenced for Bank Fraud

Norfolk Cattle Feedlot Owner Sentenced for Bank Fraud

United States Attorney Joe Kelly announced that Max Kant, age 48, of Norfolk, Nebraska, was sentenced Wednesday to 12 months and a day in prison by United States District Court Judge Brian C. Buescher for Bank Fraud. There is no parole in the federal system. Upon his release from prison, Kant will serve 3 years of supervised release. Kant is also ordered to pay $1,590,363.19 in restitution to Security National Bank.

Kant owned and operated MK Feedlots in Battle Creek, Nebraska.  MK Feedlots would house and feed cattle before they would be sold for slaughter. Kant was a customer of Security National Bank and had an operating line of credit, a real estate loan, and a purchase inventory line of credits with Security National Bank. On April 25, 2016, Kant submitted to Security National Bank a fraudulent Live Cattle Purchase Contract between MK Feedlots and what has been identified in the Indictment as Company A, wherein Company A purported to agree to purchase 4,000 head of cattle from MK Feedlots in June 2016. On July 28, 2017, Kant again submitted to Security National Bank a fraudulent Live Cattle Purchase Contract between MK Feedlots and Company A, wherein Company A purported to agree to purchase 5,500 head of cattle from MK Feedlots. These contracts represented a sizable receivable for MK Feedlots which induced Security National Bank to extend Kant’s line of credit. In September 2017, Kant admitted to Security National Bank that the July 28, 2017 contract was fraudulent and MK Feedlots closed. As a result of Kant’s actions, Security National Bank claimed that it experienced a loss of $2.1 million. Security National Bank is insured by the Federal Deposit Insurance Corporation (FDIC).

This case was investigated by the Federal Bureau of Investigation.

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