Iowa Farmer Gets 6 Months for Selling Loan Collateral

October 13, 2016 11:48 AM
prison at joilet

A northern Iowa farmer has been given six months in prison for selling corn that was pledged as collateral on federal Farm Service Agency loans of more than $196,000.

Fifty-nine-year-old Leroy Jones, of Floyd, was sentenced Wednesday in U.S. District Court in Cedar Rapids. The judge ordered Jones to pay nearly $138,000 in restitution.

Jones pleaded guilty to one count of conversion of property pledged to the agency. Jones admitted during his plea hearing to removing or converting nearly 90,600 bushels of corn that he'd pledged as collateral. Jones said he sold the corn for nearly $333,000 from Dec. 1, 2014, through Sept. 30, 2015.

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10/13/2016 09:54 PM

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