A northern Iowa businessman accused of an ethanol plant scam has been imprisoned, reports WGEM.
Court records say Darrell Smith, of Forest City, IA, was sentenced Friday in U.S. District Court in Cedar Rapids, IA, to 14 years and seven months in prison. He’d pleaded guilty to wire fraud and identity theft. Smith also was ordered to pay restitution of nearly $1.06 million.
Federal officials say the charges are related to Smith’s investment of clients’ money into an ethanol plant in Hopkinton, IA. Officials say that on several occasions, Smith transferred money from clients’ accounts — against their will and without their knowledge — into his bioenergy fund.
