Bail has been set at $100,000 for a former insurance agent facing fraud and theft charges in North Dakota, Minnesota and Colorado.
David Skjerven, 60, of Sedona, Ariz., told Judge Wade Webb that he is unemployed and would not be a threat to leave the area.
Cass County Assistant State’s Attorney Gary Delorme said in court Tuesday that Skjerven is accused of defrauding clients out of about $4 million. He faces 38 felony counts in North Dakota, as well as charges in Minnesota’s Norman County, and in Colorado.
Skjerven was arrested in the St. Paul, Minn., area last week after authorities got a tip that he would be attending his daughter’s wedding there.
North Dakota Insurance Commissioner Jim Poolman said 38 victims have been identified in North Dakota, and he said some people have lost their life savings. Poolman revoked Skjerven’s insurance license in October.
Skjerven is accused of borrowing money from clients in exchange for promissory notes that promised certain rates of return. Clients complained they were not paid.
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