Minnesota Man Guilty of Federal Fraud Charges
ST. PAUL, Minn. (AP) — A federal jury has convicted a Minnesota man accused of stealing $2 million from investors hoping to make money off North Dakota's oil boom.
The U.S. Attorney's office says the jury found 51-year-old Ronald David Johnson of Corcoran guilty on all counts of wire fraud and money laundering.
Prosecutors said Johnson came up with an investment idea to house oil workers in the Bakken in North Dakota and Montana. The idea would allow oil workers to park their recreational vehicles in warehouses and share laundry and vending machines.
Johnson was accused of fraudulently soliciting $2.1 million from four investors. Instead of using the money for RV parks, Johnson used the money to fund his cattle farm, take vacations, buy vintage Chevrolets and purchase a 17-acre island.
Sentencing will be scheduled later.