OMAHA (DTN) -- A northeast Missouri grain dealer now faces state and federal fraud charges for allegedly running a pyramid scheme in which 180 farmers lost up to $50 million and possibly much more, according to officials.

Cathy Gieseker's grain marketing business in Martinsburg, Mo., was seized last February, but on Monday she was forced to turn herself into authorities after state and federal officials built a case against her. She is charged with 12 counts of fraud and filing false statements in state court. A federal indictment also accuses Gieseker of mail and wire fraud and interstate shipment of ...