In Missoula County, Defendant Charged with Engaging in Conspiracy to Defraud Investors in Cryptocurrency Scheme

In Missoula County, Defendant Charged with Engaging in Conspiracy to Defraud Investors in Cryptocurrency Scheme

Helena, Mont. — The Commissioner of Securities Insurance (CSI) and Missoula County Attorney have charged an Idaho man with engaging in a conspiracy to defraud elderly investors through various means, including a Ponzi scheme.
 
“As the Missoula County Attorney, I want to thank Commissioner Brown for his commitment to investigating fraud within our County and across Montana,” said County Attorney Matthew Jennings. “His team’s dedication ensures the integrity of our financial systems and the safety of our community. We stand ready to assist the CSI as they work to hold people accountable for their actions.”
 
The charging documents allege that Shawn Cutting (an Idaho resident) and two unidentified, uncharged co-conspirators (an Idaho resident and a Missoula County resident) defrauded investors, including several elderly Montanans, through their company CTM, also known as “CryptoTraders Management”.  CTM purported to operate a “fund” made up of cryptocurrency investments. Investors in CTM ostensibly purchased an undivided, fractionalized interest in the fund based on their levels of investment. The fraud involved over one million dollars in investor funds from dozens of investors over the course of several years.
 
The defendant is charged with operating a pyramid promotional scheme, securities fraud, operating as a securities dealer and investment adviser without a license, and conspiracy to commit these crimes.  Also included in charging documents are six felony counts of Elder Exploitation within the context of Securities Fraud.
 
“The CSI will vigorously pursue fraudsters who operate in Montana, particularly in cases involving exploitation of elderly investors,” said Commissioner James Brown. “I would also like to thank the Missoula County Attorney, Matthew Jennings and his staff for working with the CSI to charge the case in Missoula County.”
About CSI

The Montana State Auditor, Commissioner of Securities and Insurance, regulates the insurance and securities industries in Montana. The State Auditor is also an ex officio member of the Montana Board of Land Commissioners. James Brown was elected Montana State Auditor in 2024.
Address: 840 Helena Avenue, Helena, Montana 59601 Phone: 800-332-6148 or 406-444-2040 | Fax: 406-444-3413 Email: csi@mt.gov | Website: www.csimt.gov

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840 Helena Avenue, Helena, Montana 59601
(main fax) 406.444.3413  I  (securities fax) 406.444.5558
(insurance consumer services fax) 406.444.1980  I  (legal fax) 406.444.3499
(phone) 800.332.6148 or 406.444.2040  I  (email) csi@mt.gov  I  (web) www.csimt.gov

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