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Court Affirms Sentence, Convictions Of Sioux Falls Broker

Associated Press0

SIOUX FALLS, S.D. (AP) — A federal appeals court has upheld the conviction and prison sentence of a Sioux Falls broker accused of scamming more than 100 investors for over $20 million.

Acting U.S. Attorney Randy Seiler says the 8th Circuit Court of Appeals this week affirmed all 26 felony fraud convictions and the nine-year prison sentence of 67-year-old Randal Hansen.

Hansen was the public face of RAHFCO Management Group as well as a handful of other agencies with similar names. Prosecutors say Hansen would promise huge returns to new investors and then use their deposits to pay off older investors.

Seiler says Hansen appealed his convictions, arguing there was insufficient evidence presented of Hansen’s knowledge that the funds were a fraud.

Hansen has also must pay over $17.5 million in restitution to his victims.

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