Fifty-nine-year-old Ross Haugen pleaded guilty earlier this month to felony charges for scamming six clients.
A former stockbroker in Grafton and Grand Forks is likely to be sentenced to prison in March after failing to come up with $2.1 million in restitution by the court-ordered deadline of Tuesday.
Fifty-nine-year-old Ross Haugen pleaded guilty earlier this month to felony charges for scamming six clients. He was given the chance to avoid prison time by repaying those he swindled but the Grand Forks Herald reports (http://bit.ly/VrPGOx ) that he failed to do so. He now faces up to 70 years in prison when he is sentenced March 13.
Haugen faced similar charges in November 2011, pleaded guilty and avoided prison time by paying about $185,000 in restitution.
Haugen lost both his federal and state securities licenses nearly a decade ago.