A Belgrade man who is serving a 20-year prison sentence for bilking investors is asking a judge to waive a requirement that he pay nearly $5 million in restitution and fines.
56-year-old Richard Reynolds said the state is preventing him from operating a business once he is released, which would make it nearly impossible for him to repay his victims.
Reynolds was denied parole in August until he could come up with a “more suitable” restitution plan that didn’t involve owning a business or handling others’ finances.
Gallatin County Attorney Marty Lambert has not filed a response to the petition, which was filed on Jan. 22.
Reynolds was convicted of two counts of fraudulent practices, embezzlement and operating a Ponzi scheme that defrauded at least 140 investors. He has maintained he’s innocent.