A Bunceton school board member admitted in federal court Thursday that she helped steer hundreds of thousands of dollars of district money into a bogus overseas investment. Ashley Benny, 41, pleaded guilty to wire fraud tied to a 2019 deal that put $385,000 of Cooper County R‑IV funds on the line. She faces up to 20 years in prison and has been ordered to repay money to the district; sentencing has not yet been scheduled.
What prosecutors say
According to federal prosecutors, the school board asked Benny to search for higher‑yield investment options, and she championed a so‑called “standby letter of credit” pitched through a company called Agfluent. She then helped the district sign a memorandum of understanding to invest $385,000. Court filings say Benny drafted that memorandum, opened an Agfluent bank account and created a forged bank letter that made the deal look legitimate. The plea agreement states that the district’s funds were routed through an IOLTA account, with $233,000 moved to escrow and about $223,000 ultimately wired overseas, as detailed in the plea agreement.
The Department of Justice has described the setup as a scam and, as reported by ABC17, said Benny later helped move what was left of the money to cover expenses for co‑conspirators, including nearly $60,000 to buy two semi‑trucks and a $10,000 escrow payment on a failed land deal. ABC17 also reports that prosecutors identified Benny as the district treasurer in 2019; local records still show her on the board’s roster.
Restitution and next steps
Under the plea agreement, Benny must pay $146,518 in restitution to Cooper County R‑IV and provide financial disclosures to help the district claw back what it can, according to court filings. She pleaded guilty to a single count of wire fraud. In return, the government agreed not to pursue additional federal charges tied to the scheme, although the final sentence will be up to the judge. Sentencing has not been set, and the plea documents outline guideline calculations the court will weigh, including potential adjustments, as reflected in the plea documents.
Local context
Bunceton R‑IV’s online board page still lists Benny as an officer, a detail that local reporting and the court record say has further strained trust in the small district. School officials did not immediately respond to requests for comment. The district’s public board page currently shows the full roster and contact information for board members.
Legal notes
Benny’s wire fraud plea falls under federal law that carries a maximum of 20 years in prison, a fine of up to $250,000, supervised release and a $100 special assessment, according to reporting by ABC17. The plea agreement also records the parties’ guideline calculations and a possible reduction for accepting responsibility, but the sentencing judge will make the final call.
