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Lakeville man indicted for precious metals investment fraud

3/14/2018 1:56:42 PM

For Immediate Release

SAINT PAUL – A former investment adviser and insurance agent from Lakeville has been indicted on federal charges related to a fraudulent scheme involving gold and silver investments, according to the Minnesota Commerce Department.

David Thomas Rougier, age 45, was indicted in U.S. District Court on one count each of mail fraud and wire fraud. 

The indictment alleges a complex scheme where Rougier offered to buy gold and silver on behalf of the victims. He also allegedly told some victims that a company would guarantee to purchase their gold and silver for a set price on a designated future date.

According to the indictment, between November 2010 and June 2017, more than a dozen individuals, mostly seniors, paid Rougier approximately $740,000 based on his promises that he was using their money to buy gold and silver.  However, it is alleged that Rougier actually spent most of the victims’ money on shopping trips, entertainment, travel, strip clubs and other personal expenses.

This case is the result of an investigation conducted by the FBI and the Minnesota Commerce Fraud Bureau. The Commerce Department revoked Rougier’s securities and insurance producer licenses in 2012. 

Media Contact
Ross Corson
Director of Communications
Minnesota Department of Commerce
p: 651-539-1463 | c: 651-368-5050 |


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