Ex-Wash. stockbroker gets prison for wire fraud

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Associated Press

Posted on December 28, 2012 at 11:32 PM

DENVER (AP) — A former Washington state stockbroker who now lives in Aspen, Colo., has been sentenced to prison for stealing from a client.

Forty-four-year-old Michael D. Montgomery was sentenced this week in federal court in Tacoma, Wash., to five years in prison and three years of supervised release. He pleaded guilty in June to wire fraud and filing a false tax return.

A hearing scheduled for Jan. 25 will determine what restitution he must pay.

According to his plea agreement, Montgomery improperly took more than $1 million from an elderly client and his heirs. Investigators said Montgomery purportedly took the money for his services to the client but didn't account for what the services entailed. They said he also failed to report the income on his tax returns.

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