Insurance Agent Faces Up to 10 Years for Fraud and Theft

North Dakota insurance agent David A. Skjerven, head of Skjerven Financial Services, faces a lengthy jail sentence for selling unregistered securities (promissory notes) in a kind of Ponzi scheme, after his recent guilty plea. The plea requires restitution of $1.3m to 21 investors, as well as a $10,000 fine. He faces investigation in Minnesota as well.