A former vice-president of the Cooper County R-IV School Board, Ashley Benny, has pleaded guilty to wire fraud for her role in a scheme that defrauded the school district of $385,000. Benny, 41, of Bunceton, Missouri, entered her plea in federal court today, admitting to one count of wire fraud.
As the school board treasurer in 2019, Benny suggested the district invest unallocated savings in a supposedly lucrative, no-risk overseas "standby letter of credit" with a company named "AgFluent." She failed to disclose to the board that she had opened and controlled the AgFluent bank account and intended to personally profit from the investment. The district subsequently voted to transfer $385,000 to AgFluent.
The investment proved to be a scam, resulting in $233,000 being wired overseas and lost. Benny then facilitated the transfer of the remaining school district funds to cover various expenses owed by a co-conspirator, including nearly $60,000 for two semi-trucks and a $10,000 escrow payment for a failed land deal. The Cooper County R-IV School District, which serves approximately 100 students, never received any return on its investment.
Benny has admitted direct responsibility for a loss of $146,518 to the school district and, under the terms of her plea agreement, must pay full restitution in that amount. She faces a maximum sentence of up to 20 years in federal prison without parole. A sentencing hearing has not yet been scheduled. The case was investigated by the Federal Bureau of Investigation and the U.S. Department of Education, Office of Inspector General.