By: Phoebe Tollefson
The Montana state auditor is proposing a $1.7 million penalty to an investment company after eight Montanans, mostly seniors, invested in precious metals deals while the company quietly kept more than half of their money as commission.
The investors were approached, sometimes through cold calling, and persuaded to liquidate their retirement accounts, or portions of them, to invest in what they were told was a no-fee deal, according to filings by the office of Montana Commissioner of Securities and Insurance Matt Rosendale…
Rosendale’s office has proposed a $225,000 fine and $1.5 million in restitution. The restitution payment would cover the $1.25 million that the victims invested with the companies plus 10% annual interest. Some of the investments date to 2017.
All but one of the investors was older than 60.
Read more from the Billings Gazette