(KNZA)--An Oskaloosa man has convicted of securities fraud.

The Kansas Insurance Department announced in a news release Monday that David Moeller was found guilty of one felony count of securities fraud following a bench trial last week.

Moeller was charged with allegedly defrauding a Perry, Kansas woman who invested funds with Moeller for the development of an invention known as the “blade caddy.”

State prosecutors alleged that, instead of using the investment dollars to develop the blade caddy product, Moeller used the funds to reimburse a Kansas City, Kan. company to which he had written a bad check.

On July 19, a trial was held before Jefferson County District Judge Christopher Etzel. On July 21, Judge Etzel issued a written verdict, finding Moeller guilty as charged.

Moeller is to be sentenced on August 26.

The investigation was conducted by the Office of the Kansas Securities Commissioner, a division of the Kansas Insurance Department. The criminal prosecution was conducted by the Kansas Attorney General’s Office.