Flash***Flash***Flash***Flash***Flash***Flash***Flash***Flash*** Former CyberNET President pleaded guilty, faces 4 Felony charges
www.wzzm13.com Horton, 54, of Grand Rapids, has pleaded guilty to 4 felony charges. Authorities believe Horton and his "co-conspirators" hatched a plan to fool banks and take $100 million from banks and leasing companies between 2002 and 2004. The first charge could get him up to 5 years behind bars. It alleges that Horton was involved in a criminal conspiracy with others at CyberNET to commit bank fraud, mail fraud, and money laundering. The second charge is also bank fraud in which CyberNET was extended a $17 mil credit line by Huntington Bank. For this one charge alone Horton faces up to 30 years in prison. He is also charged with using $25,000 in fraud proceeds to pay a personal debt, that charge carries up to 10 years in prison along with fines and other penalties. Horton is also accused of transferring $700,000 out of a CyberNET account on the day Federal search warrants were issued. He could face up to 20 years in prison for that offense. The CyberNET investigation began in late 2004. On November 17th of that year, the FBI raided the company on south division, and confiscated computers. The owner of CyberNET, Barton Watson was accused of engineering an elaborate scheme to defraud lenders out of millions of dollars. As the investigation tightened later that month, Watson killed himself at his home in Ada. That left company President James Horton to face charges. Watson's wife Krista is also being investigated by the FBI but missed a scheduled court appearance last month, claiming to be too poor to travel from out of state and for medical reasons due to her pregnancy. The prosecutor did say today he expected more people to be charged in connection to this case. Web Editor: John Bumgardner, Assignment Desk Former stories on Cybernet: Flash***Flash***Flash***Flash***Flash***Flash***Flash***Flash***
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