A KELOLAND News Investigation “A Grain of Truth,” which began in 2017, finally came to a conclusion in court.
Some 60 farmers lost an estimated $8 million after hauling their crops to H&I Grain elevators in eastern South Dakota. The elevator went under and the state shut it down. Now there is a plea bargain between state prosecutors and the Steffensen family.
While they originally faced 22 charges, as part of a plea bargain with the Attorney Generals’ Office in Beadle County, Jared, his wife Tami, and his mother JoAnn, all pleaded guilty to one felony charge in the case.
In July 2016, Jared Steffensen lost somewhere between $6 million to $10 million of H&I Grain’s money hedging commodities. Even though the Steffensens knew that the elevator was insolvent, they continued to reassure farmers they were fine, took their grain, and did not notify the PUC as required by law.
Read the full report at KELOLAND.
