ADM settles Ponzi scheme suit by Missouri farmers

4 months 4 weeks 8 hours ago August 25, 2016 Aug 25, 2016 Thursday, August 25 2016 Thursday, August 25, 2016 4:53:00 PM CDT in News
By: The Associated Press

ST. LOUIS (AP) — Agribusiness Archer Daniels Midland has settled a lawsuit over claims the company was behind a now-imprisoned grain broker's scheme that gouged millions from dozens of Missouri farmers.

The St. Louis Post-Dispatch reports that Thursday's confidential settlement ended a civil trial in St. Louis. Terms weren't disclosed, and ADM says in a statement it admits no wrongdoing.

Cathy Gieseker was sentenced in 2010 to nine years in federal prison for what prosecutors called a Ponzi scheme involving 179 farmers bilked of more than $27 million.

She claimed to have a deal with ADM that let her broker corn and soybean crops for premium prices and pay the farmers a higher yield later.

The lawsuit involving roughly 160 plaintiffs claimed ADM management knew about and instructed Gieseker's scheme.

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