A Charles City area farmer pleaded guilty Monday to selling more than 90,000 bushels of corn that was pledged as collateral on federal Farm Service Agency loans for more than $196,000.
Leroy Jones, 59, pleaded guilty in U.S. District Court to one count of conversion of property pledged to Farm Service Agency,
U.S. Chief Magistrate Jon Scoles told Jones he faces up to five years in federal prison and a fine twice the gross gain of the crime or twice the loss to the agency, or $250,000, whichever is greater. He also will be ordered to pay $196,327 in victim restitution. Jones remains on release pending sentencing.