Piper Jaffray and Co. will return $345,000 to Montana investors after state officials discovered hundreds of questionable mutual fund transactions.

Nearly 200 investors in Butte will receive refunds in connection with the transactions that occurred between 2004 and 2005, the Associated Press reported. The refunds range from $45 to about $17,000.

In addition, Piper Jaffray has agreed to place a member of its sales staff on heightened supervision.  

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