Cornerstone hearing date set
Jenna Cederberg | Hagadone News Network | UPDATED 14 years, 10 months AGO
The former Cornerstone office stood at 1st Street and Highway 93 in Polson.
Hearing will be in Missoula beginning April 26.
An April 26 hearing date has been set in the administrative case against former Polson businessmen Keith Kovick and Robert Congdon.
The men ran Cornerstone Financial Corporation and K and B Investments out of Polson until March 2009.
The state has investigated the men since the fall of 2008 for their alleged involvement in a securities fraud scheme and for violating several portions of the Montana Securities Act. Among the allegations is that the pair conducted a Ponzi scheme involving more than 100 investors and up to $14.3 million.
The hearing will run through April 30 at the Missoula County Courthouse. A prehearing telephone conference has been set for April 22.
The hearing is open to the public and will allow all parties to examine evidence, witnesses and to present evidence.
According to Commissioner of Securities and Insurance office's communicaiton directo Jackie Boyle, the respondents Congdon and Kovick have issued no reports or experts. The state's expert is Deputy Securities Commissioner Lynne Egan.
Originally scheduled for Jan. 25-29, the hearing has been moved several times.
An injunction issued in March 2009, then continued, by the Auditor's office froze the pair's assets. A court-appointed receiver has been working to inventory and organize the assets, which will eventually be sold.
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