Bigfork man found guilty of running Ponzi scheme
A Bigfork man with a lengthy criminal record for felony theft and fraud was recently found guilty in U.S. District Court in Billings of 21 counts for running a Ponzi scheme.
A jury found John Kevin Moore guilty Aug. 3 of 11 counts of wire fraud, nine additional counts of money laundering and one count of making false statements to a federal agent.
As part of the jury’s verdict, Moore was ordered to pay restitution of about 250,000 fine for the first count and an additional 10 years and 2 million from investors.
According to court documents, Moore allegedly solicited money from multiple investors as the owner of two businesses, a mining company called Big Sky Mineral Resources and a fine art investment company called Glacier Gala.
The charges alleged that Moore received more than 2.7 million.
“Upon receipt of investment proceeds from investors, Moore typically withdrew a portion of the money from the local Rosauer’s supermarket in the form of ATM withdrawals and checks,” Egan wrote.
“Another portion of that money went to pay previous investors. Still another portion of that money went to pay Moore’s own mortgages. Yet another portion went to purchase art for his homes and new vehicles for himself. Still another portion went to pay overdraft fees from his ATM and other cash withdrawals.”
The bank transactions listed in the state’s affidavit include a 75,000 in a gold coin scheme. He was also involved in a 1985 case in which he acted as an art dealer for Bitterroot Fine Arts in Stevensville and allegedly defrauded a former University of Arizona neurosurgeon out of $312,000 for paintings.