Shreveport man pleads guilty of defrauding charity - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Shreveport man pleads guilty of defrauding charity

SHREVEPORT, LA (KSLA) – A Shreveport man has pled guilty to defrauding a charitable foundation and soon face up to 20 years in prison.

Federal prosecutors say 58-year-old Kirby Cole pled guilty Friday of mail fraud charges. Cole reportedly defrauded The Phillip Foundation out of nearly $2 million in mineral rights.

Cole was the sole remaining trustee of 45-year-old trust.

Prosecutors say Cole sold to himself the mineral interests in roughly 140 acres of foundation-owned land in Caddo Parish, but never paid the stated price.

He later leased these minerals for $25,000 per acre and a 25 percent royalty and deposited the lease bonus of more than $1.8 million in his bank account.

Cole's sentencing is set for Feb. 19.

(Copyright 2009 by The Associated Press.  All Rights Reserved.)                                          ©2009 KSLA-TV. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

 

 

 

 

 

 

 

 

 

 

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