Man Convicted of Selling Loan Collateral

A man from northeast Iowa has been convicted of selling assets he had pledged as collateral for a farm loan. Andrew Hansen, 36, of Decorah, Iowa, pleaded guilty to one count of conversion of property pledged to a farm credit agency in federal court in Cedar Rapids.

Hansen had pledged assets, including farm equipment and dairy goats, as security on Farm Services Agency loans he procured to operate a dairy goat farm in northeast Iowa. However, he sold the goats and equipment without notifying the Farm Services Agency and used the proceeds for his own purposes.

According to court documents, Hansen sold the goats in August 2013 and used the proceeds to pay for his own expenses. He also sold various pieces of farm equipment that he had pledged as security on the loans.

Hansen faces a possible maximum sentence of five years’ imprisonment, a $250,000 fine, a $100 special assessment, and three years of supervised release following any imprisonment. Sentencing will be set after a presentence report is prepared.

Hansen remains free on conditions of release set by the court pending sentencing. The case is being prosecuted by Assistant United States Attorney Anthony Morfitt and was investigated by the United States Department of Agriculture.

Court file information is available at https://ecf.iand.uscourts.gov. The case file number is 15-CR-2039. The public can follow the United States Attorney’s Office for the Northern District of Iowa on Twitter @USAO_NDIA.

Background checks and research revealed that Hansen used the loan funds to establish and operate a dairy goat farm. The operation of the farm was heavily dependent on the assets pledged to the Farm Services Agency.

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