SIKESTON, Mo. -- A Sikeston businessman and former mayor is facing felony charges related to a "Corn for Cars" bartering operation.

Josiah D. "Josh" Bill was arrested by the Scott County Sheriff's Department Tuesday on two felony charges of failing to make a sales tax return and a felony charge of forgery. Bill was released on his own recognizance.

"I have invited representatives of Department of Revenue to assess us for some time now. For reasons of their own, however, they've chosen to file criminal charges," said Bill in a written statement issued Wednesday. "I am fully prepared to defend myself and am confident that I will prevail."

The charges allege that between Aug. 12 and Aug. 31 Bill altered a letter ruling from the director of the Department of Revenue and used the altered version to arrange the exchange of grain for automobiles through car dealers and purchasers without collecting or paying sales tax to the state from the sale of the grain.

If convicted, Bill faces up to seven years in prison and a fine of up to $20,000.

The other charges allege Bill failed to file sales tax reports with the Missouri Department of Revenue.

Those charges carry a maximum penalty of up to five years in prison and a fine of up to $20,000.

"What the Missouri DOR has maintained is that my company owes sales tax each time we sell grain to individuals," Bill said. "We disagree."