Richard F. Reynolds, the accused Montana Ponzi schemer, has been arrested in Kansas, ABCMontana is reporting via the Associated Press.
The AP report cites a report that first appeared in the Bozeman Daily Chronicle.
Reynolds also is known as Richard F. Adkins. In March, the office of Montana Commissioner of Securities Monica J. Lindeen said Reynolds presided over an “elaborate” caper that swindled “at least 140 victims from 21 states and 6 countries.”
Millions of dollars were involved, Lindeen’s office said at the time.
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 in March.
As many as eight corporations Reynolds created over the three-year period may be part of the swindle, Lindeen’s office said.
See ABCMontana report.