SIOUX CITY (KTIV) – A Woodbury County farmer will spend the next 13 years in federal prison after admitting to theft of government funds, identity theft, crop insurance fraud and stalking.
33-year-old Tanner Seuntjens, of Danbury, entered those guilty pleas in federal court back in September.
His criminal activity in this case dates back to 2020. Prosecutors say Seuntjens defrauded the government, and a bank, out of more than $2 million that he then spent in part on luxury trips to Disney World and Cocoa Beach, as well as large cash transfers to family members.
Prosecutors say in 2020 and 2021, he defrauded the USDA out of more than $1.5 million from its Coronavirus Food Assistance Program by filing applications and signing as three different people, including forging two signatures.
In 2021 and 2022, he defrauded a South Dakota bank out of $400,000 in loan repayments by forging a…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.