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Stockbroker From Aspen Gets Prison For Wire Fraud

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(credit: iStock)

(credit: iStock)

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DENVER (AP) — A former Washington state stockbroker who now lives in Aspen, Colo., has been sentenced to prison for stealing from a client.

Michael D. Montgomery, 44, was sentenced this week in federal court in Tacoma, Wash., to five years in prison and three years of supervised release. He pleaded guilty in June to wire fraud and filing a false tax return.

A hearing scheduled for Jan. 25 will determine what restitution he must pay.

According to his plea agreement, Montgomery improperly took more than $1 million from an elderly client and his heirs. Investigators said Montgomery purportedly took the money for his services to the client but didn’t account for what the services entailed. They said he also failed to report the income on his tax returns.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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