MINNEAPOLIS (AP) — A former oil business executive from Minnesota who co-founded a facility that loaded crude from the North Dakota oil patch onto rail automobiles has been convicted in a inventory manipulation scheme.
A federal ju
ry earlier this week discovered Michael Reger responsible of securities fraud.
The conviction caps a shareholder lawsuit that filed 5 years in the past in opposition to Reger and the opposite co-owner of Wayzata-based Dakota Plains Holdings, Ryan Gilbertson.
The swimsuit alleges that Reger and Gilbertson deliberately manipulated the value of inventory in its first 20 days of buying and selling.
Gilbertson was convicted in 2018 and sentenced to 12 years in jail.
A federal choose earlier this month preliminarily accepted a $14 million settlement between shareholders and different administrators and executives of the now-defunct firm.
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