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Missouri woman pleads guilty in grain fraud case

1

1936

Well-known Member
Per the Iowa Farmer today paper. Using a Ponzi scheme, defrauding 180 farmers out of at least 27 million in proceeds from sales grain she made on their behalf.

The hook she used was to promised farmers 50 to 100 percent above market prices throught nonexistant contracts with ADM. Sold grain on spot price to pay inflated prices to some farmers.
St. Louis area was in NE Missouri before this.
 
You don't suppose greed on the part of the investors played any part in this do you?
As they say "If it sounds to good to be true it probably is!!"
 
She got a couple of guys from Illinois with her scheme. Problem is that MO doesn't have a grain dealer law or insurance fund like Illinois so they are out everything. There was greed all around on this deal, grain was trading at record prices but that wasn't enough.

As was said already, if it sounds too good to be true it is.
 
People's gullibility never ceases to amaze me. How can someone believe that an honest buyer is willing to pay a 100 percent premium on a commodity, whose prices are posted in the daily paper? Why wouldn't the buyer simply buy contracts on the exchange? Obviously most of the sellers knew something was shady. It would be no different than if gas is selling for three bucks a gallon and someone offers to sell it to you for a buck-fifty: Something is fishy.

One thing to consider, before you try to get in on the "ground floor" of a Ponzi scheme: prosecutors will go after the assets of anyone who profits from the scheme, including early investors who got their investment back.
 
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