Montana man gets 40 years in $2 million Ponzi scheme
MILES CITY — A Montana man convicted of embezzling $1.9 million from 18 people he convinced to invest in his "house flipping" business has been sentenced to 40 years in prison and ordered to pay restitution.
U.S. District Judge Michael Hayworth sentenced Richard Brandt on Monday to 60 years in prison with 20 years suspended on six felony counts including theft by embezzlement, fraudulent practices, scheming to exploit elderly people and running a pyramid scheme.
State prosecutors said Brandt, from Miles City, told people they were investing in a business in which he would buy, remodel and sell homes in Nebraska and Missouri.
Victims testified about the stress they suffered after losing life savings. Brandt apologized, saying he never intended to hurt anyone.
Read more: http://billingsgazette.com/news/state-and-regional/montana/montana-man-gets-years-in-million-ponzi-scheme/article_ceecaf72-6b67-5dd3-a439-f9e4376acd6f.html