Miles City man convicted of deceiving elderly investors

Kyle Schmauch In The News

By: MTN News

Richard Brandt of Miles City was convicted on six counts of elder exploitation, operating a Ponzi scheme, theft by embezzlement, and securities fraud on Thursday in Custer County District Court.

According to a press release, Brandt deceived elderly Montanans into investing in his “house flipping” company. Eighteen people invested more than $1.9 million with Brandt and most lost their entire life savings.

“I’m very glad to see the jury return guilty verdicts on this scheme that stole millions from Montanans,” stated Commissioner of Securities and Insurance Matt Rosendale, whose office assisted in the case.

Read more at KTVQ