Phil Howard | NBC Montana
Montana State Auditor James Brown is announcing a settlement with Vanguard Marketing Corporation for improper retirement fund distributions.
The settlement follows a multi-state investigation that started in 2021, when the investment company changed its investment strategy for its Targeted Retirement Fund.
The company failed to disclose the change to investors, which resulted in higher capitol taxation.
Brown says his office received complaints from Montanan investors starting in 2021.
“Vanguard provided or failed to disclose that they had made some changes to the program that resulted in higher capitol taxation to people that were getting close to retirement age, which resulted in a loss to the investors,” Brown said.
Vanguard is ordered to pay $135 million dollars for investors’ losses, and a $13.5 million penalty.
Brown encourages any of the 670 Montanans affected by this or any other type of fraud to contact the Montana State Auditor’s Office at (406) 444-2040.
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