Associated Press, Published March 11 2013
Fargo broker accused of bilking 18 investors to total of nearly $1 millionFARGO — Cass County prosecutors have added 14 counts against a Fargo investment broker accused of bilking 18 investors out of more than $900,000.
Robert Medhus was originally charged with two counts of theft of property. The amended complaint filed recently includes 13 counts of securities fraud and one count of selling unregistered securities.
Authorities say the new charges are the result of an investigation by the North Dakota Securities Department, which accuses Medhus of running a “complex Ponzi-like scheme” for more than 10 years.
Medhus allegedly forged client checks, created fake investment account statements and failed to invest client assets as promised.
Each of the 16 counts carries a maximum penalty of 10 years in prison.
Defense attorney John Goff did not immediately return a phone message seeking comment.