Jury Convicts Former Brookings Aquaponics Company Official of Fraud
SIOUX FALLS, S.D. (AP) — A federal jury has convicted a former executive of a South Dakota company accused of defrauding investors in a scheme to build an $11 million fish farm.
The jury Monday found Timothy Burns guilty of five charges of wire fraud for his role in soliciting investors for Global Aquaponics in Brookings. He will be sentenced later.
Burns was the one-time chief operating officer of Global Aquaponics. The company sought investors to build an indoor fish farm and hydroponics facility.
But the Argus Leader reports construction on the fish farm never started. Investors who put a minimum of $25,000 each in the project lost hundreds of thousands of dollars.
Businessman Tobias Ritesman earlier pleaded guilty to all 18 counts against him in the alleged scheme. Ritesman also awaits sentencing.
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