Horse scheme lands East Texan in federal prison

Posted by Reid Kerr - email

MARSHALL, TX (KLTV) - A forty-seven year-old Pittsburgh man has been sentenced to federal prison for mail fraud.

Paul Banks pleaded guilty in May for a scheme involving insuring horses far beyond their actual value and submitting insurance claims after their deaths. In one instance, Banks insured a horse claiming he had paid twenty thousand dollars for it, which was false.

Banks was sentenced to twenty-one months in federal prison, and ordered to pay restitution in the amount of $217,500.

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