SIOUX FALLS, S.D. (AP) — A former executive who defrauded investors in a scheme to build an $11 million fish farm in South Dakota is facing sentencing.
Tim Burns was found guilty of defrauding investors in Global Aquaponics near Brookings. Investors put up money for what was supposedly to be a high-tech indoor fish farm, but instead of using the money for the project, Burns and his business partner, Tobias Ritesman, spent it on themselves.
Burns is scheduled to be sentenced Monday. A federal jury in April found Burns guilty of five counts of wire fraud.
Ritesman was sentenced to nine years in federal prison last week and ordered to pay $680,000 in restitution after pleading guilty to 18 felonies.