Montana: 1 OF 4 States Helping Securities Fraud Victims with the CSI Restitution Fund, Honoring the Late Lynne Egan

FOR IMMEDIATE RELEASE

Helena, Montana – In 2023, consumers reported losing more than $4.6 billion to investment scams nationwide, according to the Federal Trade Commission. To date, national data indicates investment-related fraud in 2024 is among the fastest-growing types in the United States. Unfortunately, once money is scammed it is often gone for good.

For Montanans, there is help. Montana is one of only four states with a restitution fund for eligible securities fraud victims, with the others being Indiana, Vermont, and Maine. In 2011, Montana created the Securities Restitution Assistance Fund to help victims of investment fraud recover a portion of money lost in certain cases when full restitution is not possible. The Restitution Fund is not paid for with taxpayer dollars – funds come from fees paid by registered firms doing business with Montana investors and from settlements entered into by the CSI Securities Division. For more information on the Restitution Fund or to apply, visit csimt.gov/restitution-assistance-fund.

In 2022, the Fund was renamed the “Lynne Egan Memorial Securities Restitution Assistance Fund,” after long-time Deputy Securities Commissioner, Lynne Egan, who lost her hard-fought battle with breast cancer. Lynne was a well-known advocate for consumer protection and instrumental in the creation of the Fund. She led investor education efforts for the CSI and the North American Securities Administrators Association (NASAA).

“Lynne was the heart and soul of investor education,” said Diane Young-Spitzer, Director/General Counsel, Massachusetts Securities Division, and Lynne’s former friend and colleague from NASAA. “She fought really hard to protect the vulnerable from securities fraud, especially the elderly.”

Today marking the anniversary of Lynne’s passing, the CSI would like to honor her legacy and highlight the value of the Restitution Fund. Watch the video to learn more about the Lynne Egan Memorial Securities Restitution Assistance Fund and to hear about Lynne’s legacy: VIDEO LINK.

Media inquiries: Laura Shirtliff 406.444.0903 or laura.shirtliff@mt.gov.

The Montana State Auditor, Commissioner of Securities and Insurance is the state regulator of the insurance and securities industries for the state of Montana. The State Auditor is also an ex officio member of the Montana Board of Land Commissioners. Troy Downing was elected State Auditor in 2020. CSI can be found online at: csimt.gov.

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