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.
$2.6 million in penalties levied in offshore investment fraud
Minneapolis businessman ordered to pay fines and restitution after SEC finds he engaged in securities fraud.
March 4, 2010 at 1:50AM
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
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The bond market scares economic policymakers even more than the stock market.
