Bullock signs law to protect Ponzi scheme victims
HELENA – Gov. Steve Bullock signed into law a bill today that would go further to protect Montanans against securities fraud and Ponzi schemes.
House Bill 81 provides more reimbursement and some protection to consumers. The bill authorizes the deposit of a percentage of securities registration, filing or renewal fees to go into a securities restitution assistance fund.
The bill, which was requested by Securities Commissioner Monica Lindeen, would help to reimburse Montanans who have been defrauded by Ponzi, pyramid or other such schemes.
Some Lake and Flathead County residents were targeted in Montana’s largest Ponzi scheme in 2009, when Cornerstone Financial in Polson stole nearly $14 million from investors.