$4.7 million can buy a lot of cows — or so dozens of investors thought

A Clinton, Mo., man pleaded guilty Tuesday to defrauding dozens of people who thought they were investing in herds of cattle.

Cameron J. Hager took their money, but never bought any cattle or intended to buy any cattle, according to federal prosecutors.

Hager, 42, was indicted in March in U.S. District Court in Kansas City on multiple fraud counts.

On Tuesday, he pleaded guilty to charges of wire fraud and money laundering.

Prosecutors said Hager victimized 89 people who invested amounts ranging from $1,000 to $267,000. Investors were told that the cattle they were buying would be sold at a profit.

As part of Tuesday's plea agreement, Hager must forfeit property he bought with fraudulently obtained money, including a 46-acre piece of property and several vehicles.

A sentencing date has not been set.