A Lakeville man is facing federal charges in a brazen $740,000 precious metals investment scheme that spanned nearly seven years. DAVID THOMAS ROUGIER, 45, was indicted on one count of mail fraud and two counts of wire fraud, announced United States Attorney Gregory G. Brooker. Rougier made his initial appearance before Magistrate Judge Franklin L. Noel in U.S. District Court in Minneapolis, Minn.
According to the indictment, beginning in late 2010, ROUGIER began pitching clients on investing in gold and silver through him. By 2013, he claimed he had secured contracts with a company called “TAUG Limited” (“TAUG”), which allegedly guaranteed to buy back investors’ metals at a fixed price three years later. Victims were handed fake contracts and charged annual “asset management fees” of $1,000 to $2,000—money that went straight into Rougier’s pocket.
The scam escalated in July 2017 when ROUGIER told investors that “Industrial and Commercial Bank of China (Asia) Limited” (“ICBC”) had taken over TAUG’s obligations. He assured clients the new arrangement was secure and continued to sign up victims under the same false promises. In reality, no such contracts existed, and ICBC had no involvement.
Between November 2010 and June 2017, more than a dozen individuals handed over approximately $740,000 based on Rougier’s lies. Instead of buying gold or silver, ROUGIER funneled hundreds of thousands of dollars toward shopping sprees, entertainment, travel, strip clubs, and other personal luxuries. His victims believed they were building protected wealth—instead, they funded a fraudster’s lifestyle.
The case was the result of a joint investigation by the FBI and the Minnesota Commerce Fraud Bureau. Assistant United States Attorney Amber M. Brennan is prosecuting the case, signaling federal resolve to crack down on financial predators operating under the guise of legitimate investment services.
DAVID THOMAS ROUGIER, 45, of Lakeville, Minn., faces one count of mail fraud and two counts of wire fraud. The charges are merely accusations; the defendant is presumed innocent unless and until proven guilty in a court of law.
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Key Facts
- State: Minnesota
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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