OIL FIELDS FRAUD-INDICTMENT
MINNEAPOLIS (AP) — Federal prosecutors allege a Minnesota man stole more than $2 million from investors hoping to make money off North Dakota's oil boom.
Fifty-year-old Ronald David Johnson of Corcoran is charged with five counts of wire fraud and one count of money laundering.
According to court documents, 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.
The indictment alleges Johnson fraudulently solicited $2.1 million from four investors. Instead of using the money for RV parks, Johnson allegedly used more than $1.8 million to fund his cattle farm, take vacations and purchase a 17-acre island.
Defense attorney James Becker had no comment Wednesday.