Albert City farmer sentenced on federal fraud charges
chicagotribune.com | 5/27/08 | Associated Press
An Iowa farmer has been sentenced to more than five years in prison for defrauding a bank and the federal government.
Sherman Hogrefe, of Albert City, was sentenced Tuesday in U.S. District Court in Sioux City. He pleaded guilty last year.
Prosecutors said Hogrefe acquired two bank loans totaling more than $2.5 million by overstating his net worth and understating his liabilities. He also made false statements about the whereabouts of collateral. Prosecutors say Hogrefe hid assets from creditors and the U.S. Bankruptcy Trustee, and lied about the assets under oath.
Hogrefe also made false statements to the U.S. Commodity Credit Corporation to get a farm loan and sold corn he pledged as security for the loan. Hogrefe also was ordered to pay more than $1.6 million restitution.