By: Seaborn Larson
A Great Falls man is charged with failing to register as an investment broker before he allegedly embezzled thousands from a pair of acquaintances.
Bruce F. Davidson is accused of illegally procuring investments of $5,000 and $15,000 from two people in April. Court documents allege he lied about the nature of the investments, while he, in fact, was taking the money to pay off personal debts.
On Wednesday, state prosecutors filed charges against Davidson for fraudulent practices, failure to register as a securities salesman and theft by embezzlement, all felonies.
Along with charging documents and information, Assistant Montana Attorney General Brett Olin on Wednesday also filed a pre-trial agreement signed by prosecutors and Davidson. Along with a list of conditions, Davidson agrees in the deal to pay both debts off with interest in the coming years.
The Montana State Auditor’s Office began investigating Davidson in April, after one of the victims reported him to the state agency. In the investment offer, Davidson promised a 9 percent interest rate on the investment for “mortgage futures” through a special arrangement he claimed to have through his D.A. Davidson brokerage account.
Read more at the Great Falls Tribune