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Published March 13, 2013, 09:44 PM

Grand Forks, Grafton Broker Sentenced to Two Years

A former Grafton and Grand Forks stockbroker who faced up to 70 years in prison for illegally selling securities was sentenced to two years Wednesday. 59-year-old Ross Haugen failed to come up with $2.1 million in restitution by a court-set deadline.

A former Grafton and Grand Forks stockbroker who faced up to 70 years in prison for illegally selling securities was sentenced to two years today. 59-year-old Ross Haugen failed to come up with $2.1 million in restitution by a court-set deadline.

Haugen pleaded guilty on January 9th to seven felony counts in state district court. Each count carried a maximum of ten years in prison for taking $2.5 million in fake investments from six clients.

Walsh County State's Attorney Barbara Whelan asked for Haugen to spend 35 years behind bars. Haugen's attorney Steve Meshbesher asked the judge for zero. Haugen's two years will be followed by nine years of supervised release. In addition he must pay back $1.9 million to the victims

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