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Huron Man Sentenced in Bank Fraud
A Huron, South Dakota, man has been sentenced to 5 years of probation and ordered to complete 100 hours of community service for his role in a bank fraud scheme.
Kent Lee Bales, age 60, was sentenced on January 8, 2016 by U.S. District Judge Karen E. Schreier. Bales was also ordered to pay $100 to the Federal Crime Victims Fund. The sentence comes after Bales was convicted of bank fraud by a federal grand jury on December 2, 2014.
Bales pleaded guilty to the offense on September 28, 2015. He was charged with engaging in a check kiting scheme, whereby he wrote checks and transferred funds among the companies’ accounts at three different banks when he knew that the checks and transfers were not actually supported by sufficient funds.
This scheme artificially inflated the balances in his accounts and allowed Bales to use some of those funds for business purposes. It is estimated that Bales defrauded one of the banks out of approximately $1,820,948.46.
The Federal Bureau of Investigation investigated the case, with Assistant U.S. Attorney Ann M. Hoffman prosecuting the case. Bales operated two companies with his brother: Stockman’s Auction Company Inc., and Bales Continental Commission Company in Huron.
The companies are related entities and are in the business of selling cattle. The case serves as a reminder that financial crimes can have serious consequences, including lengthy prison sentences and significant fines.
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Key Facts
- State: South Dakota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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