Polson Company Gets Injunction in Ponzi Case

By Beacon Staff

BILLINGS – Montana Insurance Commissioner Monica Lindeen says she’s negotiated a preliminary injunction to open the records of a Polson company in an alleged Ponzi scheme.

The investigation involves the sale of unregistered high-yield promissory notes to over 100 investors and nearly $15 million in investments.

Lindeen is also asking that District Judge Loren Tucker in Virginia City be appointed a receiver to oversee the assets of the Cornerstone Financial Corporation and two men named in the case, Robert Congdon and Keith Kovick.

A state administrative action against Cornerstone, Congdon and Kovick includes allegations of securities fraud and illegally operating a Ponzi scheme. The case is scheduled for a hearing in January.

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