MINNEAPOLIS (AP) — A second Minnesota man has been sentenced for his role in a stock manipulation scheme involving a business in the North Dakota oil patch.

A federal judge says 50-year-old Douglas Hoskins must serve two years in prison. He was convicted of several charges, including conspiracy to commit securities fraud.

Authorities say Hoskins was a friend of Ryan Gilbertson, who earlier this month was sentenced to 12 years in prison for fraud. He was fined $2 million and ordered to pay more than $15 million in restitution.

Gilbertson founded Wayzata-based Dakota Plains Holdings, which owned a North Dakota facility that loaded oil onto rail cars.

Prosecutors say Gilbertson manipulated the company’s stock after it went public in a complex scheme that netted him millions. Hoskins made about $125,000 from stock sales.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.