Business
10:26 am
Thu August 5, 2010

Ponzi scheme prompts audit of Missouri grain regulators

St. Louis, MO – Missouri Auditor Susan Montee is preparing to release a review of the state's grain regulators.

The Missouri Department of Agriculture requested the audit of its grain regulation program after farmers lost millions of dollars to fraud

Last year, grain dealers in Gallatin and Martinsburg went under as a result of ponzi scheme orchestrated by 45 year old Kathy Gieseker, who is currently serving a nine year sentence.

Montee plans to release the audit at a news conference at the state Capitol this morning.

Her review was focused on evaluating state agriculture officials' regulatory procedures.

Check back this afternoon for more on this story for St. Louis Public Radio's Marshall Griffin.