MINNEAPOLIS – A Slayton, Minn. man was sentenced to a year in prison for committing U.S. Department of Agriculture (USDA) farm loan fraud.
Mark Engelkes, 54, pledged more than 15,000 bushels of soybeans as collateral to the USDA in order to obtain loan proceeds of nearly $80,000. During the application process, Engelkes agreed to not move or dispose of the collateral until the loan was paid in full.
However, the USDA learned in 2016 that Engelkes had removed the pledged grain without prior approval and sold it.
Engelkes also defaulted on other farm financings from the USDA, resulting in a total loss amount to the government of more than $435,000.
