The Roadside Deed Box That Revealed Nineteen Stolen Harvests
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The Roadside Deed Box That Revealed Nineteen Stolen Harvests
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Fear that the papers in your barn could vanish into someone else's loan file - that’s what woke a grader operator at 6:00 AM on February 11, 2009 when he unearthed a fireproof box of sixty-one warehouse receipts on Route 7. Those receipts revealed a scheme that turned nineteen farmers’ harvests into multiple loans and nearly $178,000 of double- and quadruple-pledged collateral; who was behind it and how long had it been running?
In this episode, we follow the chain of events from the berm where the metal box was found to the farms and elevators where warehouse receipts were treated as title, showing how one trusted marketing agent leveraged receipts into secured loans without owners’ knowledge - and how a snapped serpentine belt exposed the fraud.
Person: Gregory Erickson
Date: February 11, 2009
Location: Route 7, three miles north of Millhaven, Nebraska
Case: Warehouse receipt fraud involving nineteen producers
Amount: Approximately $178,000 collected against Olson’s 15,000 bushels
- A fireproof metal box containing sixty-one warehouse receipts was found on the asphalt on February 11, 2009.
- Roy Olson delivered 15,000 bushels of soybeans in November 2008, valued at about $109,000 at market.
- Lloyd Watson pledged Olson’s single set of receipts to four separate parties, collecting roughly $42,000-$47,000 from each.
- By 2008 Watson managed nineteen producers and between 80,000 and 90,000 bushels of aggregate grain.
- The box’s discovery followed someone searching the berm with a flashlight the night before and a serpentine belt snapping on a county road.
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