A farmer from Slayton, Minnesota, has been sentenced to one year in federal prison for his role in a USDA farm loan fraud.
The U-S Attorney’s Office says 54-year-old Mark Engelkes in 2015 pledged more than 15,000 bushels of soybeans as collateral to the USDA Commodity Credit Corporation … to obtain loan proceeds of nearly $80,000.
During the application process, Engelkes agreed to not move or dispose of the collateral until the loan was paid in full. But in 2016, USDA officials learned that Engelkes had removed the pledged grain without prior approval and sold it.
In addition to the CCC loan, Engelkes also defaulted on other farm financing from USDA, resulting in a total loss amount to the government of more than $435,000.
Engelkes must pay that amount in restitution.
He pladed guilty last October.
FOLLOW US FOR INSTANT UPDATES!
