A Wichita Falls businessman is free on $10,000 bond on charges from Denton County alleging he ran a scheme to get almost $6 million in loans based on 8,000 head of cattle that do not exist.
Howard Lee Hinkle. 67, was booked into Wichita County jail Wednesday on a charge of theft of property over $200,000.
Special Rangers with the Texas and Southwestern Cattleraisers Association began an investigation more than a year ago.
They said Hinkle defaulted on about $6 million in loans from a bank in Sanger, and when bank officials attempted to collect collateral on the cattle supposedly located in 10 counties in Texas and Oklahoma, they could not locate any of them.
Hinkle is an accountant and has a tax service office at Brook and 5th streets. Hinkle’s profiles show he is also involved in oil and gas leasing. With at least three businesses under his name, Hinkle Cattle, Hinkle Oil and Gas Production and Hinkle Tax Service.
In 2007 Weatherford police said records and documents were seized from his office here as part of a police and FBI investigation into a fraudulent investment scheme run by a Weatherford Bank and Mortgage Executive.
Police said that banker was scamming victims of their funds and telling them he was investing in cattle feedlots.
The banker told investors he lost their money because of a bad winter and low cattle prices.
In 2011, Hinkle was given a cease and desist order from the state board of public accountancy to stop using the CPA designation because he did not hold a license.