Fraud case nets $1.2M in fines, state says

HELENA – A fraud case before the Montana Commissioner of Securities and Insurance office has resulted in more than $1.2 million in fines and some 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, he said.

An official with Alexander Capital said Thursday the firm did not admit to any fraud in a consent agreement it signed Oct. 9. However it did agree to pay $206,000 in restitution and fines.

Read more: https://www.greatfallstribune.com/story/news/2018/12/13/montana-says-1-2-m-fines-fraud-case/2302075002/