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Forum staff reports, Published May 23 2013

West Fargo broker agrees to plead guilty

FARGO – A former West Fargo securities broker charged with bilking investors out of more than $900,000 in a Ponzi-type scheme has agreed to plead guilty in the case.

Robert Medhus, 65, was charged in Cass County District Court with 16 counts of securities fraud, theft and selling unregistered securities

Assistant Cass County State’s Attorney Cherie Clark said Thursday that Medhus has agreed to plead guilty, though she wouldn’t disclose any other details.

His plea hearing is set for June 10.

Medhus is accused of taking investors’ money for his own personal use instead of investing it in securities. Court documents allege he provided clients with faked or exaggerated account statements.