FARGO - A federal judge scolded a former Minot commodities broker for his role in a bogus bank trading program that bilked investors out of millions of dollars and allegedly drove one person to suicide.

U.S. District Judge Ralph Erickson sentenced Frederick Keiser Jr. on Friday to 12 years in prison. A jury in March found Keiser guilty on 22 counts, including wire fraud and money laundering.

Keiser, 63, was either "incredibly stupid or incredibly unsophisticated" to believe the scheme would work, Erickson said.

"Anyone who took Econ 101 would understand that these schemes are fairy tales," said Erickson, who raised his voice throughout the 2 hour and 45 minute hearing.

Erickson handed down the sentence after hearing testimony from Keiser and seven of his supporters, including his son-in-law, Kyle Wergler, who said he invested in the plan.

"My father-in-law would never defraud me on purpose," said Wergler, who claimed Keiser acted on bad advice.

Assistant U.S. Attorney Brett Shasky said he couldn't fault Keiser's friends and family members for testifying. But, Shasky said, "We have to remember there are hundreds of victims in this case … who do not necessarily share their perspective."

Keiser, who represented himself at his trial, fought back tears as he read from a statement. He apologized to investors who lost money and thanked family and friends for supporting him.

"I maintain my innocence as I am not the greedy, self-centered person as the prosecution has portrayed me as," Keiser said.

Erickson said the pyramid scheme promised investors unrealistic returns. Several of them lost their life savings and one person committed suicide because of the scheme, the judge said.

"There are people who still think they're going to be getting money," Erickson said.

Most of the arguments at Friday's hearing focused on federal sentencing guidelines. Defense attorney Christopher Lancaster asked for a sentence of seven years. Shasky recommended a term of 25 years to 27 years.

"He has never accepted any type of responsibility for his actions," Shasky said.

In arguing for a lower sentence, defense attorney Lancaster said the scheme was set up by Byron Swartzendruber, of San Antonio. Swartzendruber, 29, was indicted in federal court Thursday on a charge of conspiracy to defraud the government.

"There's no evidence that my client directed any of it," Lancaster said.

"He did make decisions, he did participate," Shasky countered.

Erickson appeared to direct his closing remarks at Keiser's supporters and others for believing in a world bank conspiracy and federal income tax evasion. Keiser renounced his U.S. citizenship and did not pay taxes from 2000 to 2005.

"I ask all of you as you're sitting right here. Do you really believe that's possible?" the judge asked.