CEDAR RAPIDS, Iowa (AP) — A Mason City man has been sentenced to federal prison after pleading guilty to making a false statement related to farm loans.
U.S. District Court Judge Linda Reade sentenced 41-year-old Raymond A. Schaefer to two years in prison, and he was ordered to make about $370,000 in restitution to MidWestOne Bank and the Farm Service Agency.
Schaefer pleaded guilty in March, when he admitted to making false statements to creditors in 2008 to cover up that he’d lost a large amount of money by gambling.
Schaefer was released and will surrender to the U.S. Marshals Service on July 29.