Leeds, North Dakota Man Expected To Plead Guilty In $11.4 Million Ag Ponzi Scheme
22-year-old Hunter Hanson is charged with wire fraud, money laundering and forfeiture
BISMARCK, ND — A Leeds, North Dakota man is expected to plead guilty in a multi-million dollar Ponzi scheme that targeted North Dakota, Minnesota and Canadian farmers and businesses.
22-year-old Hunter Hanson is charged with wire fraud, money laundering and forfeiture.
Under the terms of the plea agreement, Hanson has agreed to plead guilty to the charges and pay full restitution of $11.4 million.
In addition to restitution and a sentence, he is expected to serve a three–year period of supervised release.
Officials say from January to December 2018, Hanson executed a scheme to defraud approximately 60 farmers, elevators, or commodity brokers.
He maintained multiple bank accounts and engaged in check kiting to cover his deposits and withdrawals.
Hanson will be arraigned tomorrow morning in Bismarck.
A change of plea hearing is set for July 30.