Minnesota Farmer Sent To Prison For Loan Fraud
Minneapolis, MN (KROC-AM News) - A Minnesota farmer has been sentenced to prison and ordered to repay a large amount of money connected to a federal loan.
Prosecutors said 54-year-old Mark Engelkes of Slayton pledged over 15,000 bushels of soybeans as collateral to the U.S Department of Agriculture to secure a loan of nearly $80,000 in 2015. Engelkes agreed to not move or dispose of the soybeans until the loan was paid in full.
Six months later, officials learned that Engelkes had sold the soybeans without prior approval. Prosecutors said he also defaulted on other loans resulting in a total loss of $435,517.
Engelkes pleaded guilty in October of last year and was sentenced on Monday to one year in prison and ordered to repay the $435,517.