A federal judge in Bismarck, ND, has sentenced Hunter Hanson, the 22-year-old Ponzi scheme grain buyer, to 8 years in federal prison on wire fraud and money laundering charges, plus three years of probation, reports AgWeek.
Hanson has also agreed to pay $11.1 million in restitution.
Hanson’s attorney asked for lenience because of Hanson’s age and the “context” that he started out in a business thinking he would help farmers, not hurt them.
He said Hanson had “panicked” and kept going with his money-losing operation, which was based in Devils Lake, ND, instead of shutting it down.
Investigators said Hanson began operating his company as Ponzi scheme, although Hanson told his laywer he didn’t know what a Ponzi scheme was.
The North Dakota Public Service Commission issued a cease-and-desist order on Nov. 21, 2018.
Read the full timeline at AgWeek.
