We have an update on a KELOLAND News investigation.
H&I Grain has filed for bankruptcy.
We first told you about the Hetland elevator back in 2016. The owner’s son Jared Steffensen was hedging commodities and lost millions of dollars of H&I’s money.
During our initial investigation we told you H&I owed 60 South Dakota farmers $8 million. New court papers say the business owes more than $15 million.
In addition to farmers, the company owes money to a bank, a trucking company and nearly $2 million to CHS Hedging in Minnesota.
Earlier this year, we told you four family members face criminal charges ranging from theft by deception to failing to notify the PUC of H&I’s financial status.
If found guilty to Steffensens could spend decades in prison.
We checked with the Kingsbury County Clerk of Courts and the case is still making its way through the system. The next hearing is later this week.