A Slayton, Minn., man has been sentenced to 12 months in prison, three years of supervised release, and ordered to pay restitution for converting collateral that secured loans from the U.S. Department of Agriculture
U.S. Attorney Andrew Luger says 54-year-old Mark Alan Engelkes pledged 15,641 bushels of soybeans as collateral in order to obtain loan proceeds of nearly $80,000.
During the application process for the loan, Engelkes agreed to not move or dispose of the collateral until the loan was paid in full. However, in 2016, officials learned that Engelkes removed the pledged grain without prior approval and sold it.
Engelkes pleaded guilty to one count of conversion of USDA Commodity Credit Corp. crops. He was also ordered to pay more than $435,000 in restitution.
