Alexandria man arrested in federal money laundering sting

NEW YORK -- A 46-year-old Alexandria, Minn., man was arrested with two other men in a multi-million dollar money laundering sting conducted by federal authorities in New York.

Kenneth Ardell Landgaard is charged with conspiring to launder more than $2 million of proceeds from what he and two other suspects, Michael J. Dodd, 65, of Panama City, Panama, and James Robert Shipman, Jr., 64, of Hollywood, Fla., thought to be a penny stock fraud scheme, according to the U.S. Attorney's Office in New York.

The money was, in fact, provided to the defendants by an undercover law enforcement agent who posed as a criminal stock promoter as part of a sting operation.

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