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.