LEEDS, N.D. (KFGO) – A Leeds, North Dakota man who prosecutors say had no experience in grain trading has been sentenced to eight years in federal prison in a fraud scheme that resulted in losses of more than $11 million dollars to farmers and elevators.

22-year-old Hunter Hanson was also ordered to make restitution, forfeit property and pay $1.2 million dollars.

From late fall in 2017 to November 2018, Hanson operated his grain companies simply as what investigators called a Ponzi scheme, based from offices at Devils Lake, N.D.

US Attorney Crew Wrigley says Hanson displayed a “heart of stone” in committing the crimes.