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Trial set for Polson man involved in Ponzi scheme

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MISSOULA — Robert J. Congdon pleaded guilty to mail fraud, wire fraud, and 14 counts of money laundering in Federal Court on Feb. 22. Judge Jeremiah C. Lynch set sentencing for June 7. Congdon is currently released on special conditions and was listed as a former Polson resident.

Congdon faces possible penalties of 20 years in prison, a $250,000 fine and three years supervised release on each of 16 counts.

Congdon and Keith Kovik incorporated Cornerstone Financial, Inc., on May 16, 2000, and the two were involved in what has been called the biggest Ponzi scheme in Montana.

Kovik’s trial will be in April.

The investigation was a cooperative effort between the Federal Bureau of Investigation and the Criminal Investigation Division of the Internal Revenue Service.

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