Former Minnesota broker indicted for precious metals scam

A federal court in Minnesota has indicted David Thomas Rougier, a former broker, on one count each of mail fraud and wire fraud in connection with a scam that purported to buy gold and silver. According to the indictment, Mr. Rougier took approximately $740,000 from more than a dozen clients, most of them elderly, promising that the money would go to buying gold and silver. Instead, Mr. Rougier allegedly spent the money on shopping, travel and personal expenses. The fraud took place between November 2010 and June 2017, according to the indictment. The Minnesota Commerce Department revoked Mr. Rougier's securities and insurance producer licenses in 2012, after which he formed a company to continue the activities. An investigation conducted by the Federal Bureau of Investigation and the Minnesota Commerce Fraud Bureau led to the case.