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Farmer, Elevator Manager Sentenced For Fraud
PEORIA, Ill. (AP) -- An Illinois farmer and a former grain elevator manager were sentenced to prison for a scheme to defraud the elevator and creditors.
The farmer, Robert James Printz of Fairbury, was sentenced Wednesday to 10 years in prison and ordered to pay $7 million in restitution. Timothy Boerma was sentenced to six years in prison and ordered to pay $6.7 million in restitution.
Last May, Printz and Boerma pleaded guilty to wire fraud for a scheme in 2009 and 2010 to defraud CNH Capital, with provided Printz with a line of credit for farm operations and to Towanda Grain. Printz also pleaded guilty to money laundering.
Boerma issued Printz advance checks worth more than twice the value of the grain Printz delivered.
Boerma admitted making false entries in the elevator's books.