Former Rapids Grain CFO starts prison sentence for defrauding Peoples bank, farmers

MADISON – An officer of a Wausau-based grain company was set to start a two-year federal prison sentence this week for his role in a $13.2 million fraud perpetrated on four banks and 65 farmers.

Michael C. Deedon, 55, of Marathon, was the chief financial officer of WI Rapids Grain when he submitted false financial statements that Peoples State Bank of Wausau and other banks relied on in 2012 to extend loans to the grain brokerage.

WI Rapids Grain vastly overstated the value of its inventory, according to court documents.

By September 2013, WI Rapids Grain had amassed a 2.14 million bushel deficit in corn and a 390,733 bushel deficit in soybeans compared with what it reported on the doctored forms it supplied the banks, Assistant U.S. Attorney Chad Elgersma told District Judge William Conley during Deedon’s plea hearing earlier this year.

Read more: https://www.wausaudailyherald.com/story/news/2018/12/06/rapids-grain-cfo-deedon-off-prison-defrauding-peoples-farmers/2225546002/