MINNEAPOLIS (WCCO) — A Lakeville man is charged with fleecing $740,000 from senior citizens in a precious metals investment scheme.
Minnesota Department of Commerce officials says David Thomas Rougier, 45, was indicted Wednesday on mail fraud and wire fraud charges in U.S. District Court.
Rougier, a former investment agent and advisor, is accused of running a scam where he would purchase cold and silver on behalf of an individual, claiming a company would later buy those precious metals back from the individuals for a profit.
The FBI and commerce department fraud investigators say Rougier used his clients’ funds instead for personal expenditures, like travel, shopping and strip club visits.
Investigators say Rougier victimized more than a dozen people — mostly seniors — between 2010 and 2017.
Rougier’s securities and insurance producer licenses were revoked by the state in 2012.