News

Former grain buyer sentenced to prison

A Wisconsin grain buyer and shipper found guilty of defrauding 65 farmers and four banks will spend three years in prison.  63-year-old Douglas Weinkauf was sentenced in federal court after falsifying loan collateral documents in 2009.

Audits showed the amount of grain actually held by Wisconsin Rapids Grain and Ruby Grain in Wisconsin Rapids, Brokaw, and Blair Wisconsin was worth millions of dollars less than what was claimed for collateral.  The business went broke, leaving farmers and banks unpaid.

Weinkauf was also ordered to pay more than 13 million dollars in restitution to the banks.

The USDA closed the business nearly five years ago.