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DVM receives prison fine for $1 million investment scam
Topeka, Kan. - A Kansas veterinarian was sentenced to seven years in prison last month for securities fraud after swindling $1 million from investors in his phony cattle embryo business.
TOPEKA, KAN. — A Kansas veterinarian was sentenced to seven years in prison last month for securities fraud after swindling $1 million from investors in his phony cattle embryo business.
Dr. Donald G. Atteberry also faces potentially losing his license. A petition filed April 10 by the the Kansas Board of Veterinary Examiners requests a hearing to consider revocation, suspension and assessment of a fine. An Aug. 10 status conference likely will set a hearing to make a final determination, reports Dr. Dirk Hanson, the board's executive director.
In March, 52-year-old Atteberry pleaded no contest to 36 felonies involving illegal activity in selling securities. Atteberry's arrest dates back to August 2005.
Investigators testified in Shawnee County District Court that Atteberry set up a phony business after he himself was conned out of a $1 million in a deal to ship cattle embryo to Nigeria, court documents show. Atteberry operated a "Ponzi scheme" where money from recent investors was used to pay off early ones, reports the Office of the Kansas Securities Commissioner.
During his sentencing hearing, the veterinarian apologized to the eight bilked investors, promising financial restitution to avoid prison time.