Apr 16, 3:34 PM EDT
Montana business owners accused of Ponzi scheme
HELENA, Mont. — The Montana auditor and securities commissioner has filed a complaint against two businessmen, alleging they committed securities fraud and conducted a Ponzi scheme involving at least 100 investors and more than $14.3 million.
Named in the complaint announced Thursday are Robert Congdon and Keith Kovick of Polson and their companies Cornerstone Financial Corp. and K & B Investments LLC.
The complaint alleges Congdon and Kovick sought investment opportunities and investors, taking millions of dollars in commissions and investor reserve funds. They’re also accused of selling fraudulent investment opportunities on their own behalf.
The auditor’s office is seeking fines and restitution.
Efforts to reach Congdon and Kovick for comment were unsuccessful.