Bozeman-Area Man Arrested on Ponzi Scheme Charges
BOZEMAN, Mont. (AP) — Authorities say a southern Montana man who fled the state after being charged in an investment scheme has been arrested in Kansas.
The Bozeman Daily Chronicle reported Sunday that Richard F. Reynolds, who is also known as Richard F. Adkins, is accused of cheating at least 140 people out of more than $5 million while operating a Ponzi scheme.
The Bozeman-area man was arrested Thursday in Overland Park, Kan.
Authorities say Reynolds fled Montana in February after being charged with 20 felonies, including allegations that he operated a pyramid or Ponzi scheme, failed to register as a security salesperson and carried out fraudulent practices.
Court documents show Reynolds is accused of scamming investors, many of whom were clerics and pastors, in 21 states and six countries.