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National & World Ag News Headlines |
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Express Grain Ex-CEO Indicted on Fraud Charges
USAgNet - 12/08/2022
The former leader of a Mississippi grain storage and processing company has been indicted on federal and state charges, more than a year after the company filed for bankruptcy, prosecutors said Tuesday.
John R. Coleman, 46, of Greenwood, Mississippi, is the former CEO of Express Grain Terminals, LLC.
A federal grand jury indicted Coleman on charges of defrauding farmers, banks and the Mississippi Department of Agriculture, U.S. Attorney Clay Joyner and Mississippi Attorney General Lynn Fitch said in a news release.
Coleman made his initial appearance Tuesday before U.S. Magistrate Judge Jane M. Virden in Greenville. Federal court records did not list an attorney for him.
Federal court documents say that from June 2018 to October 2022, Coleman altered Express Grain's audited financial statements to receive a state warehouse license and lied about the amount of debt he owed on corn, wheat, soybeans or other crops held at
the facility.
The federal indictment said farmers delivered grain to Express Grain throughout the 2021 harvest season but did not receive payment.
In September 2021, Express Grain had $70 million in outstanding loans from UMB Bank in Kansas City, Missouri.
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