HELENA, Mont. - A Miles City man has been convicted of embezzling $1.9 million from people who invested in his "house flipping" company.
The state auditor's office says Richard Brandt told investors that he was going to buy, remodel and sell homes in Nebraska and Missouri, but he used the money for his own personal expenses.
Brandt was convicted March 16 of exploitation of an elderly person, theft by embezzlement, fraudulent practices and operating a pyramid scheme.
The case began when Adult Protective Services in Miles City notified the Commissioner of Securities and Insurance that Brandt had taken about $90,000 from a 100-year-old woman.
Brandt is jailed on a $500,000 cash bond pending sentencing.
In 2015, Brandt agreed to pay just over $2 million in restitution to 16 investors, but the auditor's office says he hasn't made any payments.
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