Former WI Rapids Grain CFO Starts Prison Sentence
Michael C. Deedon, 55, perpetrated a $13.2M fraud on four banks
An officer of a Wausau, WI-based grain company was set to start a two-year federal prison sentence this week for his role in a $13.2 million fraud perpetrated on four banks and 65 farmers, reports the Wausau Daily Herald.
Michael C. Deedon, 55, of Marathon, WI, was the chief financial officer of WI Rapids Grain when he submitted false financial statements that Peoples State Bank of Wausau and other banks relied on in 2012 to extend loans to the grain brokerage.
By September 2013, WI Rapids Grain had amassed a 2.14 million bushel deficit in corn and a 390,733 bushel deficit in soybeans compared with what it reported on the doctored forms it supplied the banks.
Deedon was sentenced in early November to two years in prison and ordered to repay victims. He was listed online Thursday as an inmate at the medium security federal prison in Terre Haute, IN.
Read the full report at the Wausau Daily Herald.