Jail time is coming for two of the individuals involved in one of the biggest farm bankruptcies in U.S. history. James Becraft Jr. and Douglas Diekman pleaded guilty to conspiracy to make false statements on crop insurance forms. The pair will each serve about a year in jail and will collectively pay the Risk Management Agency and Farm Service Agency over $1 million in restitution. This case involves the Stamp Farms at Decatur, Michigan. The farm grew rapidly, often paying above market rates to rent farm ground. False information was allegedly provided to lenders and the federal crop insurance program. This farm was eventually sold off to Boerson Farms of Zeeland, Michigan, which ran into its own financial problems and defaulted on millions of dollars in loans to CHS Capital.
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