A former insurance agent accused of defrauding investors in at least three states out of about $4 million has pleaded not guilty to 38 counts in North Dakota.
David Skjerven, 60, who now lives in Sedona, is accused of fraudulent practice and property theft in North Dakota. All of the 38 counts are felonies that carry a maximum sentence of 10 years in prison and a $10,000 fine.
Skjerven, who ran Skjerven Financial Services in Fargo, also faces theft and fraud charges in Minnesota, and fraud charges in Colorado.
He is accused of borrowing money from clients in exchange for promissory notes that promised certain rates of return. Clients said they were not paid.
Skjerven was being held in Fargo on $100,000 bail.
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