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Published November 16, 2011, 10:00 PM

Local Stockbroker Accused of Fraud Gets Plea Agreement

A former Grafton and Grand Forks stockbroker has reached a plea deal with prosecutors after being accused of defrauding clients.

By: WDAZ Staff Report, WDAZ

A former Grafton and Grand Forks stockbroker has reached a plea deal with prosecutors after being accused of defrauding clients.

Ross Haugen was sentenced to three years of supervised probation as part of the agreement, and has to pay over $180,000 in restitution.

Haugen plead guilty earlier this week to two counts, both Class B felonies.

60 other counts were dismissed in the agreement.

Authorities say Haugen defrauded Walsh County clients out of $3.5 million.

Haugen has not been registered as a securities agent in North Dakota since he withdrew the registration in 2004 as the Securities Department was preparing to revoke it.

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