Former Bozeman man convicted of defrauding investors
Mar. 31, 2018
BUTTE, Mont. (AP) — A former Bozeman man has been convicted by a federal jury in Butte of defrauding investors in his business by falsely saying he owned oil leases on the Blackfeet Indian Reservation.
The U.S. Attorney's Office says 63-year-old Joseph Brent Loftis of Corona Del Mar, California, was convicted of five counts of wire fraud and two counts of money laundering in a scheme that defrauded investors of about $3 million between 2009 and 2013. He has agreed to forfeit $1.66 million.
Sentencing is set for July 20 in Missoula.
Prosecutors say Loftis sought investments based on numerous false statements, repaid investors about $1,000 and then stopped making payments. Prosecutors say he purchased a $190,000 luxury recreational vehicle with some of the investor funds.
Loftis has a 1995 conviction for bank fraud and false statements to a financial institution.