Montana announces settlement with securities company over Missoula fraud

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By: Dillon Kato

Montana Commissioner of Securities and Insurance Matt Rosendale announced Monday that his office had reached a settlement with a securities company over the actions of a former Missoula employee…

Rosendale’s office, in its investigation, found 12 clients who invested in Invizeon on Hartman’s recommendation, and 26 clients who were sold illiquid investments that weren’t suitable for their stated investment objectives. Another 16 clients were found to have been sold annuities that weren’t suitable for their objectives. The majority of these clients, according to Rosendale’s office, lived in Missoula.

Under the terms of the settlement, FSC will pay more than $1.3 million in restitution, which includes the initial investments plus interest. Another $1.3 million will be offered to clients who purchased the investments, and FSC will waive or refund any penalties for the purchases of the annuities.

The company also will pay a $100,000 fine, pay another $11,900 to the restitution assistance fund at Rosendale’s office, and pay for the cost of the office’s investigation.

Read more at the Missoulian