Haugen might avoid prison time if he comes up with $2.1 million in restitution by the end of the month.
A former stockbroker accused of swindling six clients in North Dakota's Walsh County out of more than $2 million has pleaded guilty.
The Grand Forks Herald reports (http://bit.ly/11jkWUS ) that each of the seven felony counts against 59-year-old Ross Haugen of acting as an unregistered broker carries a maximum prison sentence of 10 years. But Haugen might avoid prison time if he comes up with $2.1 million in restitution by the end of the month.
Haugen faced similar charges in November 2011, pleaded guilty and avoided prison by paying about $185,000 in restitution. Prosecutor Barbara Whelan says she will not ask for prison time in the current case if Haugen makes restitution.
Haugen earlier lost both his federal and state securities licenses.