Former Broker Charged with Theft and Securities Fraud

| 3/11/2013

A former securities broker from Cass County has been charged with theft and securities fraud. According to the North Dakota Securities Department, Robert Medhus allegedly ran an investment scheme for over 10 years that defrauded 18 victims of over $900,000.

The Securities Department says that Medhus allegedly forged client checks, created fake investment account statements, and failed to invest client assets as agreed, in order to divert his clients` money to his own accounts for his personal and business expenses.

Last Thursday, the Cass County State`s Attorney`s Office filed an Amended Information against Medhus with 16 criminal counts. They are: two counts of theft of property, 13 counts of fraudulent practices in the sale of and with respect to securities and one count of offering for sale or selling unregistered securities. All 16 counts are Class B felonies.

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