Lewis and Clark County District Court Judge Kathy Seeley sentenced Helena resident and former securities broker Arthur Leroy Heffelfinger to 30 years with 10 years suspended and ordered him to pay nearly a million dollars in restitution.
Heffelfinger was sentenced 10 years for each of three counts, which included operating a ponzi scheme, exploitation of an older person, and theft.
"I am relieved we were able to bring justice to the victims involved in this case," said Montana Commissioner of Securities and Insurance Monica Lindeen, "Judge Seely's sentence sends a strong message to others that financial exploitation will not be tolerated. My number one goal is to protect consumers while maintaining trust with the businesses operating legitimately in Montana."
After an extensive investigation last year by the Commissioner's Office, Heffelfinger was charged with operating a Ponzi scheme for a period of at least 8 years, for Theft, and for Exploiting an Older Person. Heffelfinger, a former stockbroker for KMS Financial Services, diverted funds from at least twenty KMS clients from February 2001 through September 2009. He used approximately $739,724 for personal use, approximately $917,777 for the purpose of conducting the Ponzi scheme, and approximately $364,044 when exploiting the older person, for a collective total of $2,021,546.
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Helena Resident Sentenced for Financial Exploitation of an Older Person
Think he'll ever pay resitution? And who's keeping track to make sure he does?
ReplyDeleteI agree the judge sent a strong message and I hope other potential thieves get it!
ReplyDeleteI wonder if he had any assets of his own that could be confiscated to start paying resitution?
ReplyDeleteGood point, Anonymous, did he spend all that money? Is any of it recoverable now? (I bet if it is, it goes to the lawyers, though!)
ReplyDelete