Accused of Operating Ponzi Scheme

A 63-year-old East Helena man faces three felony charges for allegedly operating a Ponzi scheme involving millions of dollars and at least 20 investment clients in eight Montana counties.

Arthur Leroy Heffelfinger is accused of operating a pyramid promotional scheme, or Ponzi scheme, theft by common scheme and exploitation of an older person. He is accused of taking more than $2.02 million in funds.

Heffelfinger’s alleged victims included an elderly woman who suffered advanced dementia and cognitive impairment. After checks for the woman’s care at a nursing home bounced, it was found that Heffelfinger had allegedly deposited $97,000 of the woman’s money into his personal account instead of investing it.

Heffelfinger is being held in lieu of $100,000 bond.

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Local Man Accused in $2.02M Fraud Case