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On this day in 1986...

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William Rubin and Janet Karki are found guilty for their connection to the Flight Transportation Corporation scandal.

Rubin, the president of the Eden Prairie company, and Karki, the CFO, are convicted of perpetrating the "largest financial fraud in Minnesota history."

FTC, which claimed to be an aircraft charter service, was found to have committed a multitude of financial frauds at the federal level, including securities frauds at the Security and Exchange Commission's expense.

Rubin would receive 35 years in prison and a $120,000 fine for leading the almost completely fictional company to sell $25 million in stock that was essentially worthless.

Karki would be sentenced to 20 years by a St. Paul federal judge, with the final conclusion from many accounts stating that much of the company's assets were only "in the minds of the executives."

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