Dakota Plains Investors to Get $235,000 From Alleged Ringleader

A Dakota Plains Holdings Inc. founder must pay about $235,000 to the defunct oil services company’s shareholders after a fraud trial and court determination of damages.

The judgment against Michael Reger Wednesday in the US District Court for the Southern District of New York helps wrap up the complex stock manipulation suit, in which directors and officers settled for nearly $14 million and another defendant reached a cashless settlement in exchange for his testimony against Reger.

Jon D. Gruber and other investors said Dakota Plains’ co-founders, Ryan Gilbertson and Reger, schemed to manipulate Dakota Plains stock while concealing that they ...