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Cornerstone owner sentenced

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Former Polson resident Robert J. Congdon, 61, owner of Cornerstone Financial Inc. and K&B Investments LLC., was sentenced in a Missoula federal court Sept. 6 after pleading guilty to mail fraud, wire fraud and money laundering. U.S. District Judge Donald W. Molloy decreed that Congdon would serve 24 months in federal prison, followed by three years of supervised release, and pay restitution of $1,169,092 plus a special assessment of $1,600.

An Offer of Proof filed by Assistant U.S. Attorney Kris A. McLean said Congdon and another individual, identified as “X.X.”, incorporated Cornerstone Financial Inc. on May 16, 2000, and ran a Ponzi scheme until 2008.

Because there is no parole in the federal system, the “truth in sentencing” guidelines mandate that Congdon will likely serve all of the time imposed by the court. He does have the opportunity to earn a sentence reduction for “good behavior.” However, this reduction will not exceed 15 percent of the overall sentence. 

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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