BISMARCK, N.D. — Authorities say a second Minnesota broker has agreed to pay back money to victims of an investment fraud scheme allegedly operated by a North Dakota man.
North Dakota Securities Commissioner Karen Tyler says Kevin Wanner, of Bismarck, is accused of bilking 66 investors from North Dakota over 15 years. Wanner has reached a plea agreement in federal court on charges of mail fraud and money laundering.
Tyler says Woodbury Financial Services Inc., of Oakdale, Minnesota, will pay nearly $600,000 to people who were victimized while Wanner worked there as a registered securities agent.
It’s the second settlement involving Wanner. Tyler says Questar Capital Corporation, of Minneapolis, agreed earlier to pay $2.4 million to investors.
Jeffrey Weikum, Wanner’s attorney in the criminal case, was not immediately available for comment.