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Published March 11, 2013, 04:54 PM

Fargo broker is charged with securities fraud

Fargo, ND (WDAY TV) -- A Fargo broker has been criminally charged with securities fraud, sale of unregistered securities and theft.

By: WDAY Staff Reports, WDAY

Fargo, ND (WDAY TV) -- A Fargo broker has been criminally charged with securities fraud, sale of unregistered securities and theft.

Robert Medhus is accused of running a ponzi-like scheme over 10-years, that defrauded 18-victims of 900-thousand dollars.

In January of 2012, the securities commissioner revoked the registration of Fargo business Associated Financial Services, a broker-dealer owned by Medhus.

Each count is punishable by 10-years in prison and/or a 10-thousand dollar fine.

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