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Chaska Man Faces Fraud Charges in $8 Million Ponzi Scheme

A Chaska man is the second executive with ConServ Corp. to face charges resulting from a Ponzi scheme involving over $8 million. Kenneth R. Hasse, founder and chairman of ConServ Corp. was charged on Monday, December 13, 2010, in U.S. District Court in Minneapolis, Minn.

The U.S. Government charged Mr. Hasse with fraud and tax charges and accused him of bilking more than $8 million from unsuspecting investors. According to the charges, the 61-year-old executive raised the money between October 2004 and February 2007. Mr. Hasse is also being accused of under-reporting his income to benefit his tax liability.

Investors were under the impression that their money was to be used to install electrical submetering devices on apartment buildings. In June 2008, Minnetonka-based ConServe Corp. filed for Chapter 7 bankruptcy.

The former CEO of ConServe Corp., David Hugh McCaffrey, 66, of Wayzata, was recently sentenced to 30 months in prison for his alleged role in the investment scam. Mr. McCaffrey has been credited with assisting the government’s investigation into Mr. Hasse and others who are believed to have been participants in the $8 million Ponzi scheme.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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