CEO of Wisconsin Rapids Grain LLC Gets Prison Time for Fraud
Falsely inflated corn levels for collateral on loans
Kevin Murphy, of USA TODAY NETWORK-Wisconsin, reported on Douglas Weinkauf the former CEO of the now defunct Wisconsin Rapids Grain LLC. Weinkauf defrauded four banks and six farmers out of $13 million by inflating the amount of corn owned by the company in order to get new loans and lines of credit from 2009 to 2013 when caught.
Even after the sale of the elevator and grain, Weinkauf owed money to his creditors. He has been sentenced to three years in prison followed by three years’ supervised release and to pay restitution of $13.24 million.