A Hamilton man who swindled investors out of more than $700,000 has been sentenced to five years of probation and ordered to pay $722,808 in restitution.
Richard William Brooks, 78, pleaded guilty in January to wire fraud after admitting to orchestrating a years-long scheme that targeted individuals in Hamilton and Billings.
According to court documents, Brooks claimed he was awaiting a large inheritance and promised his victims a premium of 25% to 100% in return for their investments. However, Brooks never paid the promised returns, and the scheme lasted for years until law enforcement caught up with him in 2021.
One of Brooks’ victims told the court that he lost his business of 10 years and his life savings due to Brooks’ scheme. Another victim reported being subjected to threatening phone calls, displaced from her home, and forced to sell treasured antiques to survive.
Brooks’ scheme was investigated by the FBI, and Assistant U.S. Attorney Zeno B. Baucus prosecuted the case. U.S. District Judge Susan P. Watters presided over the sentencing hearing.
Under the terms of the plea agreement, Brooks will pay $722,808 in restitution at the rate of $3,000 per month to two victims. The government had requested an aggressive payment schedule due to Brooks’ available disposable income.
Brooks’ crimes have left a trail of devastation in their wake, and his victims are seeking justice. ‘He did more than steal our money. He stole our peace,’ one victim said in court.
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Key Facts
- State: Montana
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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