BULLETIN: Richard F. Reynolds, of the region of Bozeman, Mont., is wanted on 20 felony warrants, Montana officials said. Reynolds also is known as Richard F. Adkins.
Reynolds, the office of Montana Commissioner of Securities Monica J. Lindeen said, presided over an “elaborate” caper that swindled “at least 140 victims from 21 states and 6 countries.”
Between 2008 and 2011, the scam “shuffled investor’s money across more than 30 bank accounts to be spent on new cars, international vacations, and a new home for Reynolds and his wife,” Lindeen’s office said.
As many as eight corporations Reynolds created over the three-year period may be part of the swindle, Lindeen’s office said.
An investigation has been under way for 19 months, Lindeen’s office said.
Reynolds faces up to 200 years in prison. The investigation is being conducted by Lindeen’s office and the Gallatin County Attorney’s Office, authorities said.
A former employee of Reynolds told investigators that Reynolds was a devoted scammer “not concerned about who he hurts — seniors, and even single parents with kids,” Lindeen’s office said.
“Reynolds allegedly used his connections with various ministers, pastors, and other religious leaders to recruit victims into his scheme,” Lindeen’s office said. “Pastors told investigators Reynolds paid approximately 10 percent of new funds they brought into the scheme, and tax records indicate that the pastors were considered employees of Reynolds’ companies. The pastors said they believed all of the money was being invested in foreign currency trading or gold opportunities until Reynolds abruptly cut off contact in the fall of 2011.”
Some of the investors hailed from Russia, Mexico, Germany and South Korea, Lindeen’s office said. Court documents also reference Canada.
Reynolds has not been arrested and is considered “wanted,” officials said.
When arrested, Reynolds faces bond of $10 million, officials said.
He was associated with an “umbrella” entity known as “United Consultant Investment Corporation” and nested “pyramid schemes” and embezzlement within his elaborate fraud mix, officials said.
“Marketing materials given to potential victims promised 100 percent quarterly returns on investments in Reynolds’ phony gold and foreign currency trading schemes through two of his companies, Buffalo Exchange and Buffalo Extension LLP,” officials said.
Losses preliminarily are estimated at more than $5 million.
Link to affidavit of probable cause.
Link to criminal information.