The founder and former chief executive officer of a now-defunct cattle brokerage company out of Indiana has been sentenced to 10 years in prison in a check-kiting scheme. The Kentucky attorney general's office says Metcalfe County Circuit Judge Phil Patton on Tuesday ordered 71-year old Thomas Gibson's sentence probated to run concurrently with any federal sentence.
Gibson, the founder of New Albany, Indiana based Eastern Livestock, is awaiting a federal case on a mail fraud charge. Gibson and former chief financial officer Steve McDonald pleaded guilty in March to criminal syndication and 172 counts of complicity to theft by deception. McDonald was previously sentenced to 10 years. Two other former executives, Darren Brangers and Grant Gibson, were ordered to make restitution of $890,000 and sentenced to five years, withheld through pretrial diversion.