A Martinsburg grain dealer has been hit with state and federal charges that accuse her of running a 27-million dollar Ponzi Scheme. The federal prosecutor says the figure might be as much as 50-million dollars.
Mail and wire fraud charges have been filed against Cathy Gieseker, who also is charged with interstate transportation of stolen property. The federal prosecutor also wants the court to order her to forfeit four parcels of property in Martinsburg, another in Rush Hill, as well as 22 vehicles.
The prosecutor says Gieseker used proceeds from the sale of grain to pay above-market prices she had promised to farmer storing grain there.
Prosecutors say she defrauded about 180 farmers.