Mar 7, 2012 at 8:03 am
MINNEAPOLIS (AP) - A Minnesota man has been sentenced to 8 years in prison for bilking investors of millions of dollars in a house flipping scheme.
Prosecutors say 47-year-old Robert Dufresne solicited investors in Minnesota and other states in a plan to buy, remodel and resell residential properties between 2005 and 2008. Instead of turning over the profits to investors, officials say he used the money personally and counted on new sources of cash to pay off earlier investors.
The Cottage Grove man pleaded guilty to money laundering and mail fraud. The St. Paul Pioneer Press reports a federal judge has also ordered Dufresne to pay more than $6.5 million in restitution.