A federal jury convicted a former Borup, Minn., man Friday on 26 charges, including bank fraud, forging securities, money laundering and making false statements to a bank.
Steven Scott Gordon, 53, will be sentenced at a later date. Federal authorities said he swindled nearly $2 million from a bank and the Small Business Administration.
His trial began Dec. 13 in St. Paul's U.S. District Court and concluded with closing arguments Friday. The jury deliberated for about four hours before issuing its verdict.
Jurors also acquitted Gordon on six counts of money laundering.
An FBI search warrant said Gordon operated several farm-related businesses in Minnesota and North Dakota, including Davenport Ag, a seed business, in Davenport, N.D.
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Gordon was living in North Dakota in June when federal agents arrested him at the seed business.
The federal investigation began in 2002 after Gordon defaulted on a $950,000 loan from the First National Bank of Mahnomen, Minn., which was guaranteed by the SBA. The bank told the FBI that Gordon falsified applications, financial statements, tax returns and other documents to obtain the loans.
Gordon also defaulted on loans of $450,000, $192,000 and $64,000 and forged an Ada, Minn., accountant's name on tax returns.
Gordon used financial statements to show his businesses made more money than they actually did.
A grand jury concluded earlier this year that Gordon forged endorsements on crop insurance checks payable to his son for his own use.
In addition, Gordon altered seed test results to sell seed to farmers participating in the Conservation Reserve Program, a federal program allowing farmers to receive money for restoring farm land to native prairie grasses.
Readers can reach Forum reporter Steven P. Wagner at (701) 241-5542
