OXFORD, MISSISSIPPI, US — John R. Coleman, former chief executive officer of Express Grain Terminals, LLC, pled guilty to wire fraud for his role in altering the company’s audited financial statements in order to receive a state warehouse license.
Federal court documents said Coleman also lied about the amount of debt he owed on corn, wheat, soybeans or other crops held at the facility in Greenwood, Mississippi, US. The federal indictment said farmers delivered grain to Express Grain throughout the 2021 harvest season but did not receive payment before the company declared bankruptcy on Sept. 29, 2021.
Farmers who chose to participate in a legal settlement of Express Grain’s property auction proceeds finalized in 2022 were able to claim a share of $9 million.
Coleman, 47, faces a maximum penalty of 30 years in prison. His sentencing hearing has been set for June 13.
“The fraud committed by the defendant in this case has directly and adversely impacted a large number of farmers, and it is important that he be held accountable for his actions,” said US Attorney Clay Joyner. “I am extremely grateful for the state and federal law enforcement partnership that has made this prosecution possible.”
