John C. Gibbons of New Lenox and Kathleen Lestina of Braidwood entered their pleas before Judge Elaine Bucklo in Chicago.
The two former grain elevator executives were released on their own recognizance until their November 21 sentencing hearing.
In a statement in court, Gibbons said he inflated the amount of grain the business owned in order to obtain loans to keep it running. Lestina said even though she signed the warehouse receipts, she had "strong beliefs," they indicated the company owned more grain that it actually did.
Ty-Walk Liquid Sales was a privately owned company based in Minooka, southwest of Chicago. When it collapsed in August 2001, Illinois' entire $5.2 million grain insurance fund was wiped out to pay claimants.