BIGFORK MAN FOUND GUILTY OF RUNNING PONZI SCHEME

csimt In The News

By: Scott Shindledecker

A Bigfork man with a lengthy criminal record for felony theft and fraud was recently found guilty in U.S. District Court in Billings of 21 counts for running a Ponzi scheme.

A jury found John Kevin Moore guilty Aug. 3 of 11 counts of wire fraud, nine additional counts of money laundering and one count of making false statements to a federal agent.

As part of the jury’s verdict, Moore was ordered to pay restitution of about $1.9 million to the people he stole from.

Moore is facing up to 20 years in prison and a $250,000 fine for the first count and an additional 10 years and $250,000 for each additional count…

Moore had pleaded not guilty in June 2017 to stealing about $2 million from investors.

According to court documents, Moore allegedly solicited money from multiple investors as the owner of two businesses, a mining company called Big Sky Mineral Resources and a fine art investment company called Glacier Gala…

According to an affidavit filed by Montana Deputy Securities Commissioner Lynne Egan, the Montana Commissioner of Insurance and Securities began investigating Moore in May 2016. After examining Moore’s bank accounts, Egan found that 36 investors had allegedly given Moore at least $2.7 million.

“Upon receipt of investment proceeds from investors, Moore typically withdrew a portion of the money from the local Rosauer’s supermarket in the form of ATM withdrawals and checks,” Egan wrote.

“Another portion of that money went to pay previous investors. Still another portion of that money went to pay Moore’s own mortgages. Yet another portion went to purchase art for his homes and new vehicles for himself. Still another portion went to pay overdraft fees from his ATM and other cash withdrawals.”

Read more at the Daily Inter Lake