Montana Investors Lose $18 Million in Madoff Scandal

By Beacon Staff

GREAT FALLS, Mont. – The state auditor’s office says at least 33 Montana investors lost at least $18 million in Bernard Madoff’s estimated $50 billion Ponzi scheme.

Lynne Egan, chief of securities examinations and licensing, says an investment adviser contacted her to report the loss incurred by himself and his clients, including his 94-year-old mother.

Egan declined to name the adviser, saying he’s devastated. Egan says the adviser’s clients have had money invested with Madoff since 2002 and had been receiving a monthly income from the investment.

With a confirmed victim in Montana, Egan says she can now ask for a full list of Montana investors who lost money. Egan says she expects there will be more Montana victims.