A northern Iowa farmer received a six-month prison sentence Wednesday for selling corn pledged as collateral on federal Farm Service Agency loans of about $200,000, according to an Associated Press report.
Leroy Jones, 59, of rural Floyd, Iowa, was sentenced in U.S. District Court in Cedar Rapids. The judge ordered Jones to pay about $140,000 in restitution.
Jones pleaded guilty to one count of conversion of property pledged to the agency. He admitted to removing or converting nearly 90,600 bushels of corn that was pledged as collateral.
Jones said he sold the corn for nearly $333,000 from Dec. 1, 2014, through Sept. 30, 2015.