(C) Iowa Capital Dispatch
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Head of troubled Iowa ag company tells judge no financial data has been destroyed • Iowa Capital Dispatch [1]
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Date: 2025-04
The head of an Iowa ag company that’s accused in a lawsuit of a billion-dollar check-kiting scheme has informed a federal judge that none of the company’s financial information has been destroyed or manipulated.
Ray Price, the president of Sunterra Farms Iowa, Sunwold Farms and Lariagra Farms, has filed a sworn affidavit in the federal civil case recently initiated by one of the companies’ lenders, Compeer Financial.
Compeer alleges that Price’s companies, which own and manage at least half a million swine in Iowa, South Dakota and elsewhere, have been involved in a check-kiting scheme that could cost lenders millions of dollars. At Compeer’s request, a federal judge recently appointed a receiver to take control of the companies’ assets and operations.
Recently, that receiver expressed concern to the court that she was being denied access to company information related to Canadian bank accounts, and that some financial information she needs might have been destroyed or manipulated once she attempted to gain access to it.
The three companies controlled by Price were given a deadline of April 9 to seek a protective order for the Canadian account information, and to assure the court that no data was destroyed or manipulated.
In court papers filed just before the Wednesday deadline, Price stated in a sworn affidavit that to his knowledge, no one has manipulated or destroyed the companies’ financial information.
At the same time, attorneys for Price’s companies told the court they and the receiver now “appear to have reached an agreement for the production of data from the Canadian entities that would resolve the issues which would require the filing of the motion for protective order.”
The court filings go on say “that data will be produced, with agreement and consent of the receiver, on Friday, April 11, 2025” – but adds that the parties still need to confer and determine whether “whether a protective order is necessary” to prevent disclosure.
U.S. District Judge Eric C. Schulte granted the uncontested motion and extended the deadline to Friday.
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