Cape businessman pleads guilty to bank fraud

Cape Girardeau businessman Clinton W. McDonough, 32, pleaded guilty to six counts of bank fraud Monday in federal court in Cape Girardeau. Prosecutors said McDonough engaged in a scheme in which he wrote checks on bank accounts he knew did not have sufficient funds to cover the checks from January 2000 until 2001, and again from 2002 until October 2003, collecting more than $20 million. McDonough faces a maximum punishment of 30 years in prison and a $1 million fine on each count. Sentencing is set for March 29.

-- From wire reports