A Grant County, MN, grain elevator is going belly up, alleging that its general manager spent more than $2 million of its funds for hunting safaris, taxidermy and other expenditures, reports AgWeek.
The Ashby Farmers Cooperative Elevator Co. stopped taking deliveries on Sept. 10 and will officially close for business on Sept. 14, the company said in a letter to members on Sept. 12, obtained by Agweek.
The elevator generates $1.9 million in annual revenues and employs five people.
The board’s initial investigation has revealed that Jerry Hennessey, the co-op’s general manager, signed checks that included $375,000 for safari hunting trips, more than $500,000 for taxidermy and more than $1 million for personal Cabela’s Club Visa card expenditures.
For the full report, visit AgWeek.
