A farmer from Floyd, Iowa, will spend six months in federal prison for committing fraud on a farm loan.
Fifty-nine-year-old Leroy Jones had pleaded guilty this summer to selling corn that was pledged as collateral for two loans from the Farm Service Agency. Jones sold more than 100,000 bushels of corn at the Osage Coop. That corn was supposed to be collateral for nearly $200,000 worth of loans. Court records indicate he started selling the corn even before he signed off on the loans.
He’s been ordered to repay the Farm Service Agency nearly $138,000.