A federal judge has ordered Minneapolis businessman Ross Haugen to pay restitution and fines totaling $2.6 million for his role in a $30 million investment fraud from that ran from early 2006 until January 2008.
Judge Orinda Evans leveled the disgorgement and civil penalty in U.S. District Court in Georgia, the Securities and Exchange Commission said Wednesday.
Haugen "engaged in fraud in connection with the sales of securities" that were invested in offshore trading programs that provided no returns while telling clients they were earning 4 percent per month, the SEC said. Meanwhile, according to the SEC, Haugen collected "substantial commissions" from the investor funds.
DAVID PHELPS
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Business
Business
New York City turns to AI-powered scanners in push to keep guns out of the subway system
New York City is turning to AI-powered scanners in a new bid to keep guns out of its subway system, but the pilot program launched Friday is already being met with skepticism from riders and the threat of a lawsuit from civil liberties advocates who say the searches are unconstitutional.
Business
North Carolina regulators says nonprofit run by lieutenant governor's wife owes the state $132K
North Carolina state regulators now declare a nonprofit run by the wife of North Carolina Lt. Gov. Mark Robinson must repay over $132,000 for what they call disallowed expenses while carrying out a federally funded child care meal program.
Business
G20 finance ministers agree to work toward effectively taxing the super-rich
Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said.
Business
Bills co-owner Kim Pegula helps break team huddle in latest sign of her recovery from cardiac arrest
Buffalo Bills co-owner Kim Pegula showed significant signs in her recovery from a debilitating cardiac arrest by being escorted to the field by her husband to help break the post-practice team huddle on Friday.
Business
Senators call on Federal Trade Commission to investigate automakers' sale of driving data to brokers
Two U.S. senators are calling on the Federal Trade Commission to investigate automakers selling customers' driving data to brokers who package it and then sell it to insurance companies.
