Seattle-based B-D reaches settlement in Ponzi scheme

Montana Commissioner of Securities Monica Lindeen has announced a nearly $1 million settlement with a Seattle-based securities firm for a Ponzi scheme operated by one of its brokers.
AUG 23, 2010
Montana Commissioner of Securities Monica Lindeen has announced a nearly $1 million settlement with a Seattle-based securities firm for a Ponzi scheme operated by one of its brokers. Lindeen says KMS Financial Services has agreed to pay just over $975,000 in restitution to victims of former KMS stock broker Arthur Heffelfinger of East Helena. KMS also agreed to pay $50,000 in fines and investigative costs to the state. Heffelfinger pleaded guilty in July to operating a pyramid promotional scheme and to theft. He also acknowledged using his clients' investment money for personal use. A trial is scheduled for Sept. 20 on a count of exploitation of an older person. Heffelfinger is accused of taking at least $364,000 from a woman in her 90s who lived in a Helena-area nursing home.

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