CEDAR RAPIDS, Iowa – A former Kossuth County farmer is sentenced to prison for lying to his bank.
Mark Laubenthal, 36 of Bancroft, pleaded guilty in March to one count of making a false statement to a bank. Laubenthal confessed that when he received a $160,000 loan and a $750,000 line of credit for his farming operation in 2015, he lied about the amount of crops he had in storage, how much land he was farming, and how many pieces of farm equipment he actually owned.
Court records show that Laubenthal failed to make payments on his loans and went into default in 2016. Federal authorities say he then lied during mediation meetings with the bank, stating he had planted nearly 300 acres for 2016 and had 120,000 bushels of corn in storage when neither of those things were true.
Laubenthal was sentenced Wednesday to 12 months and one day in federal prison, followed by two years of supervised release. He must also pay $1,044,881.82 in restitution to his bank.