The Minnesota Department of Agriculture is seeking to set up an indemnity fund, but how much the Legislature approves for the fund will determine whether a fee on grain sales will be needed.
The Minnesota Department of Agriculture is asking for $5 million to set up an indemnity fund for grain elevators as a way to make sure farmers gets paid for grain sales should an elevator become insolvent, like the Ashby Farmers Elevator after its manager defrauded the co-op members.
Former elevator manager Jerry Hennessey remains in federal prison in North Carolina after pleading guilty to stealing $5.4 million from the elevator over at least 15 years, using the money for big game hunting trips around the world. As a result of his embezzlement, the elevator became insolvent with $10 million owed to creditors, which includes area farmers.
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