Fmr. CFO Of Fagen Inc. Charged With Embezzling $5.7M

GRANITE FALLS, Minn. (AP) — The former chief financial officer for a large industrial contracting company from Granite Falls is charged with embezzling $5.7 million from her employer.

Federal prosecutors say 38-year-old Kirsten Tjosaas bought five houses, at least three cars and several recreational vehicles with the money she siphoned from Fagen Inc. between 2006 and 2015. She's charged with wire fraud and money laundering.

The charges say Tjosaas deposited money into a Granite Falls bank account she opened for Fairmount Investments, a Nebraska company that she controlled.

Her attorney, Timothy Webb, says his client is working with the government to liquidate assets and return the missing funds to Fagen. The company has built ethanol plants, wind farms, chemical plants and grain elevators.

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