MIDLAND - A Midland man has pleaded guilty to federal wire fraud charges.
According to the report, 44-year-old James Jones managed several ranch properties with Stampede Ranch and Lease Management back in 2011.
Jones agreed to buy $250,000 worth of cattle with one of the properties, J.J.B. Lands.
The money was wire transferred to a Stampede bank account.
Jones admitted that he did not use all of the money from J.J.B. Lands for cattle purchases and that he spent the money for personal use.
The report says the property lost about $400,000.