Missoula man sentenced for investment fraud

MISSOULA, Mont. (AP) — A Missoula man was sentenced to 10 years in prison and ordered to pay nearly $55,000 in restitution for illegally selling investments.

The Missoulian reports Terry Parks was convicted in September of being unlicensed and selling unregistered investments in Montana and failing to provide investors with disclosure information. District Judge Karen Townsend sentenced Parks on Friday.

Prosecutors alleged Parks placed a classified ad in 2007 offering 24 percent annual returns on promissory notes. Reece Cobeen of Plains invested $55,000. When Parks refused to return the money in 2009, Reece filed a complaint with the commissioner of securities and insurance.

During his sentencing, Parks said he'd quickly repay Cobeen if he received a deferred sentence.

Townsend suggested the case wouldn't have gotten so far if he had returned the money.

Information from: Missoulian, http://www.missoulian.com.

Tags: business, crime, courts, money