GREAT FALLS, Mont. — A Montana man has agreed to repay $20,000, plus interest, to two acquaintances who believed they were investing their money with a brokerage firm.
The Great Falls Tribune reports Bruce F. Davidson has agreed to plead no contest to fraudulent practices. He has a year to repay $15,000 to one person and 18 months to repay $5,000 to another.
State prosecutors say Davidson promised the investors 9 percent returns through his D.A. Davidson brokerage account. Davidson is the nephew of Ian Davidson, chairman emeritus at D.A. Davidson. Court records say he used the money to repay a debt to a cousin.
Officials with D.A. Davidson say he is not affiliated with the company.
Last month, a judge ruled Davidson and his architecture firm owes $170,000 to a property development company for back rent and court costs.
Information from: Great Falls Tribune, http://www.greatfallstribune.com