From The Associated Press, 8/25/06:
http://www.greatfallstribune.com/apps/pbcs.dll/article?AID=/20060825/NEWS01/60825008
GOP stalwart investigated on fraud allegations
The Associated Press
HELENA -
Billings businessman Pat Davison, who ran for the Republican Party
nomination for governor in 2004, is under investigation for securities
fraud, the state auditor’s office confirmed Friday.
Davison is accused of persuading two families to invest $1.2 million
into fake accounts he created, State Auditor John Morrison said.
He said the department notified "appropriate criminal justice
authorities" of its findings.
The FBI also is involved in the investigation, but declined to comment
Friday.
"This is an ongoing investigation and it has sensitivities and it
would be inappropriate for me to make any kind of comment," said FBI
spokeswoman Jan Caldwell.
"It’s a little premature for me to say anything."
Davison was most recently the volunteer co-chairman of Conrad Burns’
re-election finance committee.
The Burns campaign said Davison resigned July 27 for personal reasons.
The Burns campaign did not have comment other than to confirm Davison
was in a fundraising position.
Davison, 49, owned a company called Davison LLC and previously worked
as a financial adviser for UBS Paine Webber.
He was also an appointee to the state Board of Regents, and served in
that position from 1993-2000.
Documents filed by the state auditor allege Davison persuaded two
Montana families to take investments from UBS Paine Webber accounts
and invest the money with him.
Davison put the money into fake investments, including a fictional
bond supposedly issued by the St. Labre Indian School Trust and a
promissory note he personally guaranteed, the office said.
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Another Republican creep.
Harry
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