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BOZEMAN - Federal and Gallatin County officials say a Bozeman man has been arrested on suspicion of running an investment scheme, defrauding people of hundreds of thousands of dollars.

Carl Lawrence Estep was arrested in Bozeman on March 23 after being indicted on charges of wire fraud, mail fraud and money laundering.

Federal prosecutors say Estep defrauded investors from around the country in a gold processing investment scheme under the business name Montana Metals MT.

Prosecutors say Estep told people the he used to work for the Howard Hughes Corp. and was paid in barrels of gold concentrate worth millions of dollars. He also told would-be investors that he owned a gold refinery in Montana or was trying to build one.

The FBI is also looking for people who lost money by investing in Montana Metals MT.

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