Sioux Falls Man Sentenced for Wire Fraud and Money Laundering
US Department of Justice
United States Attorney Ron Parsons announced that a Sioux Falls, South Dakota, man convicted of Wire Fraud and Money Laundering was sentenced on July 6, 2020, by U.S. District Judge Karen E. Schreier.
Paul Erickson, age 58, was sentenced to 84 months in federal prison, followed by 3 years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $200. Restitution has been deferred for 30 days.
Erickson was indicted by a federal grand jury on February 6, 2019. He pled guilty on November 26, 2019.
The conviction stemmed from incidents when Erickson, who solely operated a business venture to develop land in the Bakken oil fields in North Dakota, became acquainted, through his business, with several individuals with whom he developed strong professional and personal relationships. He approached many of those individuals about investing in his business. However, he falsely represented to investors that he would use the money to purchase real estate and the construction of single-family homes in North Dakota, which he did not do.