FARGO, N.D. (AP) - A former Fargo investment broker who pleaded guilty to bilking 18 investors out more than $900,000 has been sentenced to 10 years in prison.
Judge Frank Racek sentenced 65-year-old Robert Medhus on Monday. Medhus had pleaded guilty in East Central District Court in June to 13 counts of securities fraud, two counts of theft of property and one count of selling unregistered securities.
Prosecutors say Medhus forged client checks, created fake investment account statements and failed to invest client assets as promised.
The North Dakota Securities Department uncovered the fraudulent scheme after receiving investor complaints, and the Cass County State's Attorney investigated criminal charges.