Mo. college financial service owner charged with fraud

KANSAS CITY, Mo. -- The owner of a Kansas City-area college financial planning service has been charged with preparing falsified documents to help his clients obtain financial aid.

Sixty-eight-year-old Ronald Shepard of Lee's Summit was indicted Thursday on 12 counts of Pell Grant fraud and five counts of tax preparer fraud.

Shepard owned National College Funding in Lee's Summit.

Prosecutors said he told prospective clients that his company would provide strategies to lower their tax liability and maximize financial aid possibilities. They said tax returns he prepared included false business losses or inflated the amount of money his clients gave to charity.