Minnesota Man Sentenced to 10 Years for $2 Million Bakken Fraud
ST. PAUL (AP) — A Minnesota man has been sentenced to more than 10 years in prison for stealing $2 million from investors hoping to make money off North Dakota's oil boom.
A federal judge sentenced 51-year-old Ronald David Johnson of Corcoran on Monday. A jury in June found Johnson guilty 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.
Instead of using the money for RV parks, Johnson used the money to fund his cattle farm, take vacations, buy vintage Chevrolets and purchase real estate, including a 17-acre island on Mink Lake in Maple Lake, Minnesota.