Sentencing Delayed for Man Who Defrauded Fish Farm Investors
SIOUX FALLS, S.D. – Sentencing has been delayed for a former executive who defrauded investors in a scheme to build an $11 million fish farm in South Dakota.
Tim Burns was found guilty of defrauding investors in Global Aquaponics near Brookings. Investors put up money for what was supposedly to be a high-tech indoor fish farm, but instead of using money for the project, Burns and his business partner, Tobias Ritesman, spent it on themselves.
Burns was to be sentenced Monday, but a federal judge granted his attorney’s request to postpone sentencing because Burns has a family member diagnosed with terminal cancer. His new sentencing date is Aug. 26.
Ritesman was sentenced to nine years in federal prison last week and ordered to pay $680,000 in restitution after pleading guilty to 18 felonies.