By AP News, 7-23-09
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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