A former Archbold Elevator official has been sentenced in Fulton County Court to 34 months in prison for his role in the business’ 2011 defrauding case.
55 year old William Fricke of Wauseon, was found guilty in August of grand theft, delayed price agreement, misapplication of corporate assets and four counts of insolvent handler not to accept deposits.
Fricke also was ordered to pay $3.1 million in restitution to his victims.
The case revolves around the period of March 2009 to April 2011, when Fricke deprived farmers of grain bank corn with a value between $7,500 and $150,000. He also accepted deposits of agricultural commodities knowing the business was insolvent, failed to maintain commodities purchased under a delayed price agreement and misapplied Archbold Elevator inventory, funds or credits for his personal use.
During a routine inspection by the Ohio Department of Agriculture in 2011, the Archbold Elevator was found to have had at least 50,000 bushels fewer of corn than it was supposed to have on hand.
In April, Fricke was indicted along with two other former Archbold Elevator officials, 60 year old Steven Brink of Archbold and 36 year old Todd Gerig of West Unity.
Brink is scheduled to go to trial on Dec. 11th.
Gerig’s future is up in the air, pending a presentence investigation.