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Oct. 19, 2011GALLATIN, MO | By: Wayman
The Gallatin grain company owner accused of stealing more than 3 million dollars from a hundred producers across north Missouri has plead guilty.
66 year old Daniel Froman of Gallatin faced the federal indictment after investigators uncovered the scheme dating back more than 4 years. Froman was buying and storing grain from northwest Missouri farmers but admits he was selling their grain to cover his debts. Investigator also say in February of 2009 his company's attorney contacted state authorities to report it no longer had any grain, trucks or assets. They say 2 days later, Froman emptied 1,200 to 1,300 bushels of soybeans and corn and drove them and some farm equipment to Falls City Nebraska, where the haul was sold for a hundred thousand dollars. Froman's federal indictment stemmed from mail fraud in a report to the state's grain regulatory services, in which Froman reported to authorities a net worth of more than $662,000, but the company was in debt nearly a thousand. About $400,000 in assets from Froman have been collected by the state Department of Agriculture and distributed among the hundred victims. More than 2.9 million dollars in losses are still outstanding.