|By Paul Walsh, Star Tribune (Minneapolis)|
In February, regulators with the state
Rodd was charged federally by summons. Telephone messages were left Thursday with Rodd seeking his reaction to the charges.
An executive at a
"He did that frequently for families in the community, trying to come off as philanthropic," said KLGR news director
"It was very upsetting to the community" when news of the allegations against him surfaced, she said.
According to the federal indictment:
Over a period extending into late last year, Rodd met with about two dozen potential investors, some of them existing clients, and pushed them to invest in the annuity program. Rodd promised the investors returns of up to 60 percent within six months, pledging that their money was safe and easily accessible.
Rodd's false promises drew at least
Prosecutors estimate that investors' net losses as a group totaled at least
Over the course of the scheme, Rodd bought two vehicles, both for roughly
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|Source:||McClatchy-Tribune Information Services|