Fraud case nets $1.2M in fines, state says

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By: Phil Drake

A fraud case before the Montana Commissioner of Securities and Insurance office has resulted in more than $1.2 million in fines and restitution for two Treasure State residents from a New York brokerage firm, a state official said.

The Montana office worked with the federal Securities and Exchange Commission to resolve the case involving two Montanans who live in Townsend and Chester, Securities Commissioner Matt Rosendale said Wednesday.

Both were victims of fraudulent and unethical financial practices of Alexander Capital salesmen…

Alexander Capital has paid the Townsend resident $50,853 and the Chester resident $45,800. Alexander Capital also paid a $100,000 fine and another almost $10,000 to a company associated with the Townsend resident, Rosendale said.

Rosendale said he has ordered Connolly to pay $200,000 in restitution to the Townsend resident and another $35,000 to the resident’s company. Murnane was ordered to pay over $300,000 in restitution to the Chester resident…

“I’m glad we were able to favorably resolve this case for two Montanans who were taken advantage of by an out-of-state company engaging in fraudulent and unethical activity,” Rosendale said in a news release.

Read more at the Great Falls Tribune