Bunge Fraud Costs Company $1 Million
Grain elevator manager paid producers and dealers inflated prices
A grain elevator manager's scheme to inflate the prices he paid for corn, soybeans and other commodities cost Maryland Heights-based Bunge North America more than $1 million, a federal indictment made public Thursday says.
Coleman Carpenter, 36, of Troy, Tenn., managed the elevator inHickman, Ky., at the time. The indictment says that beginning in 2009, instead of paying farmers, producers and dealers the company-approved and authorized price, Carpenter would sometimes pay inflated prices. In 2013, 61 percent of futures contracts contained inflated prices, prosecutors claim. To read more click here.