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Published June 03, 2010, 09:22 PM

Haugen Posts Bond In Fraud Case

A former Grand Forks stockbroker charged with defrauding people in Walsh County out of millions is out of jail on a reduced bond.

A former Grand Forks stockbroker charged with defrauding people in Walsh County out of millions is out of jail on a reduced bond.

Thursday a Walsh County judge reduced Ross Haugen's $500,000 bond to $50,000. He posted bond and is out of jail.

Ross Haugen faces 50 felony counts, including theft, securities fraud and acting as an unregistered agent. He is not registered in either North Dakota or Minnesota.

Under the bond restrictions set today by the judge, Haugen is only permitted travel in North Dakota and Minnesota. He must check in with law enforcement every day, and tell Walsh County of everyone he is involved in business with from this point forward.

He also must tell them within 24 hours if he changes his address. His Plymouth, Minnesota home has been foreclosed on and Thursday was the last day for redemption.

If convicted, Haugen faces a maximum of 505 years in jail and over $55,000 thousand dollars in fines.

His next court date has not yet been set.

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