Elevator Fraud

watson

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with the elevator manager that spent all his embezzled money on Africa hunting, this ki,d and McMartin farms there seems to be a lot of fraud and embezzling in the ag business.
Look at the farm subsidy database if you really want to see some
 


JMF

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While most 20 something year old kids were sitting on the couch playing video games and smoking pot, this kid is out making his first million. Too bad he didn't use his ambition for good.
 

tikkalover

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Leeds man sentenced in $11 million ag fraud scheme

Leeds man has been sentenced for his role in a 2018 scheme to defraud more than 60 farmers and elevators in North Dakota and Canada.
Hunter Hanson, 22, who earlier pleaded guilty to wire fraud and money laundering, was sentenced in U.S. District Court to 8 years in prison, 3 years of supervised release and ordered to pay more than $11 million in restitution.
Judge Daniel Hovland also ordered that Hanson forfeit property, which constituted proceeds of a crime, and ordered a $1.2 million judgment against him.
The conviction stems from from activity in 2018, when Hanson contracted with farmers and grain elevators to obtain grain or other ag commodities.
Once he obtained the commodities, he either failed to pay the farmers and elevators involved or, in some cases, sent checks that would bounce.
As part of his scheme, Hanson maintained multiple bank accounts and often engaged in “check kiting,” or depositing a check with insufficient funds into another account and then withdrawing the money before the check is returned.
“Hunter Hanson’s criminal acts cost producers, elevators and brokers over $11 million,” said United States Attorney Drew Wrigley. “These losses would be financially debilitating at any time, but they are back-breaking at such a challenging time for our critically important ag sector.”
 


NDbowman

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How is this kid going to pay back this judgement?

Pretty sure he won't, even if they garnish his wages after he is released i bet they only get a couple hundred bucks a month out of him. He could live 10 lifetimes and never pay back what he owes.

I know of another deal where a book keeper stole $750000 from her employers, she got caught, didn't even spend her whole 5 year sentence in jail. I think she was out in 3 years. She was senteced to restitution, she now works at a gas station in Devils Lake as a cashier. The one owner of the business she stole from told me he gets a check for $300 a month. Whose to say these people that steal like that don't have that money in cash buried in a can waiting for them when they get out of jail in a short time. Law seems to favor the criminal IMO.
 

espringers

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I've said it before... there is 0% chance that 20+ million is gone. The 11 million is likely representative of what they have determined is available and recoverable in $ and assets right now. They will have that amount in no time. The remainder will be subject to civil suits.
 

Allen

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[MENTION=816]espringers[/MENTION]

Did I miss the part about $20 big ones? Got any interesting reads on the difference between that and the $11 big ones in restitution?
 

espringers

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i will have to actually find some old articles. but, i think the number being thrown around originally was 23 million in transactions or purchases or some shit like that. and they were making it read like he had actually defrauded folks of that amount. my thoughts on that were that number couldn't possibly be representative of actual losses others sustained unless he literally blew threw the 23 million on blow, hookers, fancy cars, mansions, and trips to amsterdam in 2 or 3 years. so, there must be actual assets to sell (grain elevators, etc... ) and some money in the bank. the 11 million could also be representative of losses to others. but, i still would think he must some way to pay back a big chunk of that... if he bought 23 million dollars worth of grain, even if he sold at a small loss, he must have a bunch of grain left or money someplace.

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mind you... i know nothing about trading grain. maybe its just like trading stocks or gambling. and he just lost it all?
 

Captain Ahab

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i will have to actually find some old articles. but, i think the number being thrown around originally was 23 million in transactions or purchases or some shit like that. and they were making it read like he had actually defrauded folks of that amount. my thoughts on that were that number couldn't possibly be representative of actual losses others sustained unless he literally blew threw the 23 million on blow, hookers, fancy cars, mansions, and trips to amsterdam in 2 or 3 years. so, there must be actual assets to sell (grain elevators, etc... ) and some money in the bank. the 11 million could also be representative of losses to others. but, i still would think he must some way to pay back a big chunk of that... if he bought 23 million dollars worth of grain, even if he sold at a small loss, he must have a bunch of grain left or money someplace.

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mind you... i know nothing about trading grain. maybe its just like trading stocks or gambling. and he just lost it all?


If he was in the futures/options market he could have easily lost that much. It can get nasty.
 


SDMF

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I wonder if this started out as someone who was eager to go out and establish himself and thereby willing to work on a smaller margin and then got in over his head and started robbing Peter to pay Paul? Or, was this a dedicated "screw the other guy" right from the get-go?
 

Bfishn

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I would pretty much guarantee he has nothing left. Its the same old story for all these schemes, Guy offers higher than normal returns, first clients get paid and word starts to spread that the guy is legitimate. As more clients come, that money is used to pay the previous people and on and on it goes. As the schemer starts to dig a bigger hole and starts to have trouble making payments they start taking bigger and bigger risks to try and hit a home run and bail themselves out. Eventually it all comes crashing down and there is little to no money left. Even the original clients that actually got paid are now at risk of "clawbacks" since it was likely other peoples money used to pay them.

Moral of the story, if it sounds to good to be true, it is. Anybody offering guarantees of above market returns is trying to get your $$.
 
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dblkluk

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While most 20 something year old kids were sitting on the couch playing video games and smoking pot, this kid is out making his first million. Too bad he didn't use his ambition for good.


Ok Boomer.
 

camper

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I find it odd that these hard working large farmers would get duped be this young kid. He must have had a hell of a sales pitch, and trusting personality.

Why is it odd? These are the same farmers who supported and are still supporting a president who is wrecking the farm economy here in ND. I read in the paper this week there are record farmer suicides and near record farming bankruptcies. I suppose the farmers were hoping this young kid could pull them out of the crap hole trump put them in.
 

Pheasant 54

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I would agree there is nothing there except maybe the bond he had as a grain buyer which is basically nothing. No one will ever see more than a few pennies on the dollar at most . He will get out of prison and disappear
 


guywhofishes

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Why is it odd? These are the same farmers who supported and are still supporting a president who is wrecking the farm economy here in ND. I read in the paper this week there are record farmer suicides and near record farming bankruptcies. I suppose the farmers were hoping this young kid could pull them out of the crap hole trump put them in.

as old white guys they deserve everything they get too - right lefty?
 

camper

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as old white guys they deserve everything they get too - right lefty?

I don't see that anywhere in what I posted. I grew up on a farm and have voted Republican all my life but I know a dud president when I see one. Sounds like you are willing to sacrifice our farmers for whatever jolly trump is providing you.
 

ndfinfan

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I don't see that anywhere in what I posted. I grew up on a farm and have voted Republican all my life but I know a dud president when I see one. Sounds like you are willing to sacrifice our farmers for whatever jolly trump is providing you.

The alternative being??? Think Clinton would have been a better Prez? I used to ask the same question to the GW Bush critics...how would our nation have responded to the 9/11 terrorists attacks had Gore been in the White House? Even better question, how would the nation have responded to the Iraqi invasion of Kuwait in 1990 if Dukakis had been in the White House? Don't agree with everything the President has done since taking office, but as a citizen who tries to stay informed and vote with my conscience, Clinton was not an option in 2016. Just my take...
 

guywhofishes

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So just let the Chinese hand our asses to us like they did with many other industries? Just let them dictate the terms in perpetuity. Gotcha.

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Farmers were making money hand over fist not that long ago. I’d have been saving for the rainy day that comes for every industry... except government.

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Did Trump control the $hit weather farmers got handed too? I don’t suppose weather has played a role in farmer distress. Nope - it’s all on dud Trump.

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Why is it odd? These are the same farmers who supported and are still supporting a president who is wrecking the farm economy here in ND. I read in the paper this week there are record farmer suicides and near record farming bankruptcies. I suppose the farmers were hoping this young kid could pull them out of the crap hole trump put them in.

so farmers are dumb because they support Trump - roger that
 

camper

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So just let the Chinese hand our asses to us like they did with many other industries? Just let them dictate the terms in perpetuity. Gotcha.

- - - Updated - - -

Farmers were making money hand over fist not that long ago. I’d have been saving for the rainy day that comes for every industry... except government.

- - - Updated - - -

Did Trump control the $hit weather farmers got handed too? I don’t suppose weather has played a role in farmer distress. Nope - it’s all on dud Trump.

- - - Updated - - -



so farmers are dumb because they support Trump - roger that

That's alot of man love there for trump. So you think he's the greatest, gotcha. How about getting rid of him and getting a real Republican for president. You've got a reason for everything, any chance some of this is your boy's fault? Didn't think so. HAHAHA
 


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