The deadline's passed and a former securities agent in Grafton has not
come up with two-point-five-million-dollars to make restitution to six Walsh County
Ross O. Haugen had until close of business, Tuesday, January 29th to
come up with the money for being an unregistered agent selling securities in-state.
Haugen pleaded guilty to seven counts on January ninth, in Northeast
District Court in Grafton. He got six people to invest a total of two-point-five-million
dollars inbetween the spring of two-thousand-six and the fall of two-thousand-seven.
Now that the money's not been raised as he promised the court, he'll be
sentenced on March 13th. That sentence will be based on the recommendations
of Walsh County State's Attorney Barbara Whelan and defense attorney
Steven Meshbesher and at the discretion of the sentending judge. Haugen will
not be able to withdraw his guilty pleas to the seven felony charges. He will be
sentenced without the protection of a plea agreement on the penalty to be imposed.
Each of the seven counts is punishable to a maximum of ten-years
in prison and a ten-thousand-dollar fine.
Whelan emailed KXPO late Tuesday afternoon saying she had
confirmation from Haugen's attorney that there was no money in the trust account
to pay restitution to Walsh County victims. So Haugen did not raise the 2.5 million
dollars needed and has he indicated at a court hearing earlier this month. Haugen
won't be able to withdraw those guilty pleas to the seven counts and he'll be sentenced
by Judge Laurie Fontaine.