BISMARCK, N.D. (AP) -- A judge has reduced bond from $500,000 to $50,000 for a former Grand Forks securities agent accused of defrauding Walsh County residents out of nearly $3.5 million.
Judge Laurie Fontaine made the decision after hearing that 56-year-old Ross Haugen had little or no money or assets available.
Defense attorney Steven Meshbesher says others are to blame. He says Haugen made bad decisions but did nothing criminal and also lost his own investments.
Haugen faces charges including felony theft, securities fraud and acting as an unregistered agent. In a parallel civil action, a federal court in Atlanta has found that Haugen and others defrauded more than 150 investors across North America, including the seven in Walsh County, out of more than $30 million.
