Milton "Skip" Ohlsen III Pleads Guilty to Federal Charges

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Milton "Skip" Ohlsen III today in federal court pled guilty to fraud and illegal firearms charges, according to the U.S. Attorney's Office.

Ohlsen admitted falsifying loan applications for his house on North Ballas Road, according to the USAO, and faces up to 30 years and/or a fine of $1 million for the lone count of bank fraud.

Ohlsen also admitted possessing firearms and bullets - a crime because he has a past felony charge, for drug trafficking. Ohlsen faces up to ten years in prison and/or fines up to $250,000 for that charge.

Ohlsen was indicted on both charges earlier this year. RFT readers may remember him as a guy who's had nine lives. He held himself out as a political operative at one point, an ultimate-fighting promoter at another. At one time he was thinking of getting into the restaurant business.

My colleague Chad Garrison chronicled many of the problems other people had with him in a great cover story, "Phantom Punch," about a year ago.

Ohlsen is scheduled to be sentenced on August 11.

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