A Fargo, N.D. insurance agent has pleaded guilty to 38 felony charges as part of a plea agreement recommending that he serve a total of two years in prison.
Sixty-one-year-old David Skjerven (SHUR’-ven) also would pay more than 1.3 million dollars in restitution for defrauding 21 investors.
Skjerven pleaded guilty to 18 counts of fraudulent practice and 20 counts of property theft. All of the counts are felonies carrying a maximum 10-year prison sentence and $10,000 fine.
Skjerven ran Skjerven Financial Services in Fargo. He also faced fraud charges in Minnesota, where he was fined $1,500. Restitution is still being figured in that state.
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