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HELENA - State Auditor John Morrison has announced a $450,000 settlement in a securities fraud case that affected 356 customers in Montana and Wyoming from 2003 to 2007.

Concord Equity Group, a broker-dealer firm; Concord Equity Group Advisors, an investment advisory firm and broker Leo Lapito each agreed to pay $150,000 into a restitution fund.

The settlement agreements resolve disciplinary actions filed against the New Jersey-based firms. Lapito cooperated in the investigation and was not charged.

Morrison says the brokerage firm, advisory firm and Lapito withheld information customers needed to make informed decisions regarding mutual fund purchases. The companies were also accused of charging excessive fees by charging both a commission and an advisory account fee.

The auditor's office will begin sending letters to affected investors this week, informing them of the restitution and how to make a claim. Investors, on average, will receive $1,264.

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