Mark D. Montana, individually and d/b/a M & M Properties, and M & M Financial, Inc., et al.

On September 9, 2004, the SEC obtained a temporary restraining order, asset freeze, and other relief against Mark Montana, individually and d/b/a M & M Properties, and M & M Financial, Inc. in connection with an alleged Ponzi scheme. In its complaint, the SEC alleged the defendants promised investors M&M Financial would purchase at a discount large blocks of securities, enabling investors to receive annual returns of 15 percent. The SEC also alleged the defendants in actuality misappropriated a large portion of investors’ funds and did not purchase the securities reflected on their account statements. For more information about the SEC's action, you can read Litigation Release No. 18878 (Sept 10, 2004).

The Court appointed Gerald G. Pecht as Temporary Receiver. Although the Receiver has liquidated most of the assets of the estate (there remains three small parcels of real property for sale), he has determined there are not sufficient assets for a return to defrauded investors. The proceeds generated from the sale of the remaining assets will go to paying taxes and expenses of the Receivership.

http://www.sec.gov/divisions/enforce/claims/mandm.htm