Montana Man Behind House-Flipping Ponzi Scheme Sentenced to 60 Years, Record For State Auditor’s Office
This week, 62-year-old Richard Brant was sentenced after a court in Miles City found him guilty of running a Ponzi scheme that took advantage of 18 Montanans.
“Brant was sentenced to 60 years behind bars with 20 years suspended and that was for running a Ponzi scheme and committing securities fraud,” said Montana State Auditor’s office spokesman Kyle Schmauch, “He was deceiving elderly Montanans into a house-flipping company that he had started, that was not a legitimate investment.”
Schmauch says Brant’s sentencing is a record for the Montana State Auditor’s office.
“This is the longest sentence that the Auditor’s office has ever gotten in a securities case,” Schmauch said. “The judge commented on the lack of remorse that Brant seemed to show and also that he was really targeting people who were vulnerable because of their advanced age and mental impairment, he really went after vulnerable people and exploited them.”
Schmauch, says that Brant became a suspect after a tip came in from Adult Protective Services involving a 100 year old woman scammed out ninety thousand dollars.