Belgrade, Montana, man gets 20 years in prison, ordered to pay $4.45 million for Ponzi scheme
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A Montana man who was convicted of running an investment scam that prosecutors say took in more than $5 million from at least 140 investors in 20 states has been sentenced to 20 years in prison.
District Judge Holly Brown on Thursday sentenced 53-year-old Richard Reynolds to 60 years in prison with 40 suspended and ordered him to pay nearly $4.5 million in restitution.
Gallatin County Attorney Marty Lambert says the Belgrade man was given credit for about two years he spent in jail or on house arrest.
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Reynolds was convicted in December of six felonies, including running a Ponzi scheme. His defense attorney argued that state investigators froze Reynolds' assets before the investors' money could reach its full potential.
Prosecutors said Reynolds and his wife diverted more than $4.3 million for their own use.