A Pocahontas County farmer who admitted to cashing in property he had pledged as collateral for loans has been given three years probation. The U.S. Attorney for the Northern district of Iowa says 34-year-old Andrew Frerk of rural Havelock, pled guilty in August to one count of converting property to his own use.
Frerk admitted that he cashed in over $49,000 worth of cattle, $7,200 worth of grain and nearly $1,600 in government program payments that he had pledged as security for government loans. Officials say he hide the conversions from the loan managers, and took the money for his own use.
Frerk has paid $58,339 in restitution and a $100 special assessment to the court.