A Weatherford cattleman pleaded guilty Tuesday to one count of mail fraud in a federal investigation of his investment scheme.

Oscar Black, 58, admitted in U.S. District Court to the single count of fraud and will be sentenced to as much as 20 years in prison and a fine of up to $250,000 along with restitution for his victims.

According to U.S. Attorney Richard Roper, Mr. Black enticed investors with returns of up to 12 percent on their money. Instead, his struggling cattle business, OB Cattle, began losing money.

Investors lost more than $3.1 million, Wells Fargo Bank lost about $3 million and First National Bank of Weatherford lost more than $590,000 as part of Mr. Black’s fraud.

He’ll be sentenced by U.S. District Judge Sam A. Lindsay on Sept. 2.