MINNEAPOLIS (AP) — A former oil industry executive from Minnesota who co-founded a facility that loaded crude from the North Dakota oil patch onto rail cars has been convicted in a stock manipulation scheme.
A federal jury earlier this week found Michael Reger guilty of securities fraud.
The conviction caps a shareholder lawsuit that was filed five years ago against Reger and the other co-owner of Wayzata-based Dakota Plains Holdings, Ryan Gilbertson.
The suit alleges that Reger and Gilbertson intentionally manipulated the price of stock in its first 20 days of trading. Gilbertson was convicted in 2018 and sentenced to 12 years in prison.
A federal judge earlier this month preliminarily approved a $14 million settlement between shareholders and other directors and executives of the now-defunct company.