3 members of South Dakota family sentenced for grain fraud
Jared Steffensen and his wife, Tami Steffensen, pleaded guilty earlier to theft by deception and were sentenced Friday to five years in prison.
Jared Steffensen’s mother, JoAnn Steffensen, pleaded guilty to failing to inform state regulators that the company was failing financially and was ordered to serve 120 days in jail.
Authorities say Jared Steffensen lost between $6 million to $10 million of H&I Grain’s money hedging commodities in 2016.
Even though the Steffensens knew that their business was insolvent, they continued to reassure farmers they were fine and took their grain.