- Associated Press - Monday, August 31, 2015

MILES CITY, Mont. (AP) - A Miles City man faces six felony charges alleging he got people to invest $2 million in his “house flipping” business, but used most of the money for his personal expenses.

The Miles City Star reports (https://bit.ly/1fLv1U5 ) Richard Brandt is charged with exploitation of an elderly person, theft by embezzlement, failure to register a security and as a security salesperson, fraudulent practices and operating a pyramid scheme.

Charging documents allege Brandt told investors he was going to buy, remodel and sell homes in Nebraska and Missouri.

In June, a state judge issued a restraining order preventing Brandt from seeking any more investments. The state securities commissioner alleged he had written $73,000 in unauthorized checks on a 100-year-old woman’s checking account.

Before the charges were filed, Brandt agreed to pay more than $2 million in restitution.


Information from: Miles City Star, https://www.milescitystar.com

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