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State Drops Northwoods Security Fraud Charges Against Eliason Brothers

The state Justice Department seeks to drop securities fraud charges against two Northwoods businessmen.

A motion to dismiss all charges against Donald and Brian Eliason of St. Germain was filed in Vilas County Circuit Court last Friday by Assistant Attorney Generals for the State of Wisconsin, Amber Hahn and Christopher Liegel.

The Eliasons had faced 10 Class H felony counts alleging securities fraud with victim losses in excess of $2.8 million from over 31 investors. In the states motion to dismiss they state "after considering new facts and information  . . . the state concludes it will be unable to prove the charges against the defendants beyond a reasonable doubt."

Attorney Steven Kravit issued a statement saying the Eliasons are "elated and relieved to have the charges dismissed . . . and after five years of investigation . . . the state attorney general’s office admitted the charges they brought were wrong."

A judge must still approve the dismissal request. New charges cannot be filed since the case is beyond its statute of limitations. 

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