GREAT FALLS, Mont. (AP) - A Great Falls businessman is now permanently barred from conducting securities business after a judge ruled he violated the temporary order that was put in place in March.
The Great Falls Tribune reports (https://gftrib.com/1FEya3U) Montana Securities Commissioner Monica Lindeen filed documents saying Richard Converse told people to invest in the currencies of Iraq and Vietnam, claiming their values would skyrocket after they were reevaluated.
State District Court Judge Michael Menahan also put Converse in contempt of court for continuing to sell investment contracts on foreign currency and promissory notes that guaranteed 500 percent return in Victorious Financial Bank.
Further involvement with the bank is also prohibited in the order.
Converse declined to comment Wednesday. He is suspected of operating a scheme involving nearly 200 customers in Montana, and more than 200 others in the rest of the United States and Canada.
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Information from: Great Falls Tribune, https://www.greatfallstribune.com
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