 In July 2011, he was charged with eight counts of securities fraud, six counts of wire fraud, three counts of money laundering, three counts of bank fraud, and two counts of mail fraud.On February 1, 2013, Vennes pleaded guilty to charges of securities fraud and money laundering and on October 18, 2013, he was sentenced to 15 years in Federal prison.Vennes grew up in a small town in North Dakota.