Cases by state
Ponzi schemes in North Dakota
5 cases announced 2008–2019, involving about $84.1M in reported investor money. Most common types: investment funds & advisory, trading, forex & commodities and energy & alternative assets. Listed by where the main defendant was based.
The largest by reported amount: North Dakota Developments LLC ($62M, 2015). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “at a price above the per-bushel market value”
- “inherited money from his grandparents”
- “projected first year income of 36% to 42%”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Apr 4, 2019 | Midwest Grain Trading Company, Nodak Grain, Hanson Motors Hunter Brian Hanson |
Leeds, ND | Trading, forex & commodities | $11.2M |
| Aug 10, 2017 | Bulls and Bears Investment Club Kevin D. Wanner |
Bismarck, ND | Investment funds & advisory | $5M |
| May 5, 2015 | North Dakota Developments LLC Robert L. Gavin, Daniel J. Hogan |
ND | Energy & alternative assets | $62M |
| Mar 11, 2013 | Robert Medhus | Fargo, ND | Investment funds & advisory | $900,000 |
| Aug 7, 2008 | Larry Atkins | Fargo, ND | Insurance-linked | $5M |