Commissioner of Securities and Insurance Monica J. Lindeen today announced the first beneficiary of the state’s new securities restitution fund, a pool of money set up to help victims of investment fraud. Reece Cobeen of Plains, Mont., a victim of a hurricane relief investment scam, will receive $13,750.
A Bozeman-area man faces up to 200 years in prison for allegedly setting up an elaborate investment scam that swindled at least 140 victims from 21 states and 6 countries out of more than $5 million. Richard Reynolds is wanted on 20 felony counts ranging from embezzlement to operating a Ponzi scheme.
Following the Federal Reserve’s announcement that interest rates are expected to remain low until at least late 2014, Montana Commissioner of Securities & Insurance Monica J. Lindeen today cautioned investors to beware risky or outright fraudulent investments promising higher yield or returns.
With the New Year and tax season just around the corner, Commissioner of Securities and Insurance Monica J. Lindeen has reached out to certified public accountants across the state by providing a copy of the new documentary, Gold Diggers: Investment Fraud in the Treasure State, and a handout highlighting ten common warning signs of securities fraud to more than 1,600 certified public accountants.
Commissioner of Securities and Insurance Monica J. Lindeen will join actor Bill Pullman to premiere her new documentary about investment fraud in Montana on Monday, Oct. 3 at the Myrna Loy Center in Helena. The documentary, Gold Diggers: Investment Fraud in the Treasure State, tells the story of two of Montana’s most infamous investment scams.
Commissioner of Securities and Insurance Monica J. Lindeen today announced that Terry Parks was found guilty on three counts of investment fraud in Missoula County District Court. Parks, a former Missoula resident, sold $55,000 worth of phony investments under the guise of helping victims of Hurricane Katrina.
Commissioner of Securities and Insurance Monica J. Lindeen announced today that Montana’s securities restitution fund has grown to more than $200,000 with voluntary and court-ordered contributions from perpetrators of securities fraud and the companies that employed them.
Montana’s senior U.S. Senator Max Baucus is applauding Front Street Capital for successfully launching Montana’s only current publicly traded mutual fund with no commission or sales fees. The Missoula-based fund launched this week and is called the “Tarkio Fund” after the Mineral County town along the banks of the Clark Fork River. This week, the “Tarkio Fund” received approval from Montana’s Commissioner of Securities, Monica Lindeen, and has already garnered investments making it the state’s sole publicly traded no-load mutual fund.
Commissioner of Securities Monica J. Lindeen today cautioned investors to make sure they understand Exchange–traded funds (ETFs) before they invest and consider whether these investments are right for them. While ETFs have grown increasingly popular with retail investors during the last decade, securities regulators across the country are concerned that investors may not understand how these complex investment products work or the potential risks they may face.
With gold prices reaching record highs, investors are increasingly turning to gold-related investments. Commissioner of Securities and Insurance Monica J. Lindeen today reminded investors to be cautious about jumping onto the gold bandwagon.