Montana Securities Commissioner Monica J. Lindeen filed a temporary cease and desist order on Wednesday against TelexFREE, a Voice over Internet Protocol (VoIP) sales program that Lindeen’s office suspects may be a pyramid scheme that has already cost Montanans $70,000.
Commissioner of Securities Monica J. Lindeen will join U.S. Attorney for the District of Montana Michael W. Cotter to announce more than $242,000 in restitution payments from the state’s Securities Restitution Assistance Fund.
Montana Securities Commissioner Monica J. Lindeen has ordered New York City-based Chelsea Financial Services to pay eight Montanans more than $260,000 after alleging that one of the firm’s salespeople made hundreds of inappropriate transactions from their investment accounts to generate commissions for himself.
A bill signed into law by Gov. Steve Bullock will give Montana Securities Commissioner Monica J. Lindeen new tools to stop pyramid schemes in Montana.
Governor Steve Bullock has signed into law a bill providing ongoing funding for the Securities Restitution Assistance Fund, a pool of money that helps victims of investment fraud get back on their feet. The legislation sponsored by Rep. Duane Ankney (R-Colstrip) at the request of Montana Securities Commissioner Monica Lindeen, helps victims of Ponzi schemes, pyramid schemes and other investment fraud recover a portion of what they lost.
Commissioner of Securities and Insurance Monica J. Lindeen today fined Bozeman resident Scott Wacker and his company, Funky Shark, $40,000 for illegally selling investment opportunities.
On Thursday, a district court judge granted Commissioner of Securities Monica J. Lindeen a temporary restraining order against FunkyShark.com, a penny auction website that Lindeen’s office suspects may be a pyramid scheme.
Montana Insurance Commissioner Monica J. Lindeen has ordered a North Dakota man to pay $168,000 in fines and restitution for selling fake surety bonds on the Fort Belknap Indian Reservation in north central Montana.
Montana Commissioner of Securities and Insurance Monica J. Lindeen will announce final resolution in a class-action lawsuit against Farmers Group, Inc., that spanned nearly a decade and affecting more than 160,000 Montanans. Lindeen will make the announcement at a press event Thursday, September 20, at the quarterly Montana Justice Foundation board meeting in Billings.
An insurance agent from Butte, Mont., has pleaded guilty to felony theft by insurance fraud for stealing more than $7,200 of his client’s premiums. Monica Lindeen, Montana’s Commissioner of Insurance, charged Jeremy Hoscheid with theft for embezzling premiums from seven of his clients.