Forum staff reports, Published April 11 2013
Former West Fargo broker pleads not guiltyFARGO – A former securities broker who faces 16 counts of securities fraud, theft and selling unregistered securities in a Ponzi-type scheme to bilk his clients out of more than $900,000 has pleaded not guilty.
Robert Medhus, 65, of West Fargo, appeared Thursday in Cass County District Court to answer an amended complaint filed against him March 7. The complaint added new charges and 16 new victims to the case against Medhus. Each of the charges is a Class B felony.
Prosecutors accuse Medhus of taking investors’ money for his own personal use instead of putting it in securities and then giving them faked or exaggerated account statements printed on letterhead with the name of his company, Associated Financial.
His next court appearance is set for June 5.