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Published May 13, 2010, 10:27 AM

Ag regulators seize central Illinois elevator

TOWANDA, Ill. — State regulators have closed and taken over a central Illinois grain elevator after finding what they call financial irregularities in its operations.

TOWANDA, Ill. — State regulators have closed and taken over a central Illinois grain elevator after finding what they call financial irregularities in its operations.

Illinois Department of Agriculture spokesman Jeff Squibb says the agency shut down the Towanda Grain Co. cooperative Monday. Towanda is about 10 miles northeast of Bloomington.

Mark Kraft is president of the co-op. He says Towanda Grain reported the problem after discovering differences between a monthly financial report to a bank and its balance sheet. It isn’t clear how big the discrepancy was.

Squibb says regulators are investigating. And he says the state is looking for a buyer to take over the operation.

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