By Project Milk Carton Investigations | February 2026
Part 5: Following the Money From MyPillow to Naples
EDITORIAL NOTE: This article traces documented financial flows in the Montgomery network. All dollar figures come from court records, sworn testimony, on-the-record statements by named individuals, federal contracting databases, or public deal records. Where exact figures are unavailable, we provide ranges and note the source of uncertainty.
The Four Revenue Cycles
Dennis Montgomery has extracted money from four institutional backers over two decades. The total is difficult to calculate precisely because many of the government contracts were classified, but the documented and reported figures establish a floor.
Cycle 1: eTreppid Technologies (2001-2006)
What is documented:
eTreppid received a $30 million no-bid contract with U.S. Special Operations Command in 2004.
The company was ranked as the 16th-largest defense contractor that year.
Representative Jim Gibbons (R-NV) secured congressional earmarks for eTreppid’s initial CIA contracts. Gibbons received over $100,000 in gifts from co-founder Warren Trepp, according to a November 2006 Wall Street Journal front-page investigation.
Multiple reporting outlets place total government payments to eTreppid between $20 million and $30 million.
What we don’t know: The exact total. Classified contract values remain sealed. Montgomery’s personal share versus what went to co-founders Trepp and Wayne Prim has never been established in public records.
Cycle 2: Blxware (2006-2009)
What is documented:
Blxware received at least $3 million in Air Force contracts for “research, development, test and evaluation,” per federal contracting records. The contracts were heavily redacted.
Jack Kemp, the former vice presidential candidate, co-founded Blxware and leveraged his friendship with Vice President Cheney to arrange a meeting with Cheney’s national security adviser Samantha Ravich.
Montgomery wrote $1.8 million in bad checks at Caesars Palace and the Palazzo casino in September 2008. He was indicted on six felony counts in Clark County, Nevada in 2010. The case remains open.
What we assess: The gambling pattern — $1.8 million in bad checks within a single month — suggests compulsive high-stakes gambling as a primary driver of continued fraud. Montgomery needed constant cash flow, and each fraud cycle provided it.
Cycle 3: Sheriff Arpaio’s Office (2013-2015)
What is documented:
Montgomery was hired as a confidential informant (CI-1) by the Maricopa County Sheriff’s Office.
He was paid $10,000 per month from MCSO funds.
An additional $50,000 in computer equipment was purchased on a county credit card at a Seattle store.
Under oath in April 2015, Arpaio acknowledged the total cost to the county was approximately $250,000.
The payments came from RICO seizure funds — money originally earmarked for federal drug interdiction, not intelligence analysis.
What is significant: This is the only cycle where the dollar amounts are modest. But it served a critical function: it connected Montgomery to the law enforcement and legal pipeline (specifically Larry Klayman and Judge Lamberth) that produced the FBI immunity agreements. Those immunity agreements became a key element of the “whistleblower” rebranding that enabled Cycle 4.
Cycle 4: HAMMER/SCORECARD (2020-Present)
What is documented:
Mike Lindell paid Montgomery’s team an estimated $3 million or more in cash, according to on-the-record statements by Josh Merritt (a member of Lindell’s “cyber experts” group) to Salon.
A $1.5 million home in Naples, Florida was purchased on July 12, 2021 through an entity called the “Gray Horse Trust” using Lindell’s funds. The home is a four-bedroom property with a swimming pool.
Montgomery registered a revived Blxware LLC at the Naples address on August 23, 2021.
Lindell has stated publicly that he spent $35 million or more of his own money on election fraud claims overall.
Patrick Byrne invested $27 million or more through the America Project, including $3.25 million for the Arizona audit and $200,000 per year to Conan Hayes.
The Gray Horse Trust
The $1.5 million Naples home is the single most concrete documented financial benefit Montgomery received from Cycle 4.
What is documented:
Purchase date: July 12, 2021
Location: Naples, Florida
Price: $1.5 million
Purchasing entity: Gray Horse Trust
Property: Four bedrooms, swimming pool
Source of funds: Mike Lindell (reported by multiple outlets)
Connection: Montgomery registered Blxware LLC at this address on August 23, 2021 — six weeks after the purchase
What we don’t know:
The trust’s full documentation — trustee, beneficiaries, terms
Whether the trust was created specifically for this purchase
Whether other assets are held in the trust
Who selected the name “Gray Horse”
What is significant:
The home was purchased in July 2021 — weeks before Lindell’s August 2021 Cyber Symposium, which Montgomery did not attend, claiming medical inability. Montgomery received the home before the event where his data was put to the test. Every independent expert at the symposium concluded the data was fabricated.
The WMD Device
Montgomery’s monetization did not stop with the home.
What is documented:
In 2023, Lindell began distributing a device called the “WMD” (Wireless Monitoring Device) to election officials.
Each device cost approximately $500 to manufacture.
Lindell planned to distribute 1,000 or more devices.
The copyright for the WMD was registered to Blxware.com — the revived entity Montgomery registered at his Naples address.
What we don’t know:
Whether Montgomery receives royalties or licensing fees from the WMD
How many devices were actually manufactured and distributed
Whether the device performs any legitimate function
The terms of any agreement between Montgomery/Blxware and Lindell regarding the WMD
The Downstream Destruction
The money Dennis Montgomery directly extracted is measurable.
But the financial destruction triggered downstream is exponentially larger.
When narrative pipelines scale, consequences compound.
Below is a breakdown of documented downstream costs tied to the broader ecosystem in which these claims circulated.
Downstream Financial Impact
Lindell Personal Spending on Election Claims
$35M+
(Source: Lindell public statements)
Patrick Byrne / The America Project
$27M+
(Source: Public reporting and organizational disclosures)
Fox–Dominion Settlement
$787.5M
(Source: Court records — broader litigation, but narrative pipeline overlap documented)
Giuliani Defamation Judgment
$148M
(Source: Court judgment)
Lindell / Coomer Defamation Judgment
$2.3M
(Source: Court judgment)
Dominion v. Lindell (Pending)
$1.3B claimed
(Source: Filed lawsuit; pending)
State Election Audit Costs (Arizona, Georgia, Michigan, Colorado)
Estimated in the tens of millions
(Source: State records and public expenditure reports)
Tina Peters Defense Costs + 9-Year Sentence
Not publicly quantified
Sidney Powell Legal Costs + Guilty Plea
Not publicly quantified
Total Documented Downstream Destruction: $200M+
(Excluding pending litigation and unquantified legal exposure)
For comparison:
Montgomery’s documented extraction from Cycle 4:
$4.5M+ (cash transfers and residential property)
The Ratio
Approximately 1:44
For every dollar Montgomery received, roughly $44 in value was destroyed downstream.
This ratio does not imply direct legal causation for every dollar listed above. It reflects structural amplification. When high-opacity actors seed unverifiable claims into high-trust networks, the economic damage is rarely linear. It cascades. Financial extraction at the origin point can trigger reputational collapse, litigation exposure, regulatory costs, and institutional settlements far beyond the initial transfer. In this case, the downstream damage dwarfs the upstream gain. The extraction was measured in millions. The destruction was measured in hundreds of millions. That asymmetry is the story.
The PMC Database Search
As part of our analysis, we ran targeted queries across Project Milk Carton’s aggregated public financial datasets — totaling more than 340 million records spanning federal, nonprofit, grant, and contracting databases. The results were unambiguous.
Public Financial Database Results
FEC (213M+ Individual Contributions)
Search Terms: Dennis Montgomery, eTreppid, Blxware
Result: ZEROIRS Form 990 (630K+ Grant Records)
Search Terms: eTreppid, Blxware, OpSpring
Result: ZEROUSASpending (1M+ Subgrants)
Search Terms: Dennis Montgomery
Result: ZEROSAM.gov (46K+ Registered Entities)
Search Terms: eTreppid, Blxware
Result: ZEROTAGGS (23K+ Federal Grant Records)
Search Terms: eTreppid, Blxware
Result: ZERO
What This Means
Across the major civilian public financial transparency databases — campaign finance, nonprofit grants, subgrants, federal registrations, and health and human services grants — there is no detectable footprint.
No filings.
No grant trails.
No registered civilian contracting presence.
No nonprofit disclosures.
This pattern suggests that Montgomery’s funding history did not flow through standard civilian transparency channels.
Instead, documented funding pathways align with:
Classified defense and intelligence contracting channels (Cycles 1–2)
Law enforcement discretionary funds (Cycle 3)
Private financing (Cycle 4)
That funding architecture is structurally insulated from the disclosure requirements applied to typical government contractors and nonprofit entities. When an individual or network leaves no trace across standard public financial registries, it does not automatically imply wrongdoing. But it does indicate a funding ecosystem that operates outside conventional civilian transparency frameworks. In fraud detection and network analysis, absence across expected datasets is not neutral. It is a signal.
The Access Chain Model
One consistent pattern emerges across every operational cycle:
Montgomery has never independently accessed capital, authority, or institutional power.
In each instance, access was provided by an intermediary with pre-existing credentials.
The structure is repeatable.
Access Chain Breakdown
Cycle 1
Rep. Jim Gibbons
Credential: Sitting U.S. Congressman
Provided: Congressional earmarks tied to CIA contracting channels
Warren Trepp
Credential: Former Milken/Drexel trader
Provided: Capital access and financial credibility
Cycle 2
Jack Kemp
Credential: Former Vice Presidential candidate / HUD Secretary
Provided: Meeting access to Vice President Cheney’s national security adviser
Cycle 3
Tim Blixseth
Credential: Billionaire
Provided: Physical introduction and credibility conduit to Maricopa County Sheriff’s Office
Jerome Corsi
Credential: Published author
Provided: Introduction to Sheriff Arpaio’s investigator
Cycle 4
Mary Fanning
Credential: Publisher with established military network
Provided: Credibility pipeline to Lt. Gen. McInerney, which then extended to Mike Lindell
Brannon Howse
Credential: Broadcast network owner
Provided: Brokering connection between Fanning and Lindell
Structural Analysis
Across all four cycles, the pattern remains consistent:
No independent institutional entry
No direct capital access
No verified technological product introduced
No validated intelligence independently confirmed
Instead, access flows through intermediaries. Each intermediary contributes pre-existing credibility — political, financial, military, media, or ideological — which is then leveraged. The structure resembles an access chain rather than an innovation chain. Value enters through the intermediary. Extraction occurs within the host network. When the intermediary’s utility declines, the pivot begins. This is not a model built on institutional contribution. It is a model built on relational leverage.
The pattern is repeatable.
The credential changes.
The mechanism does not.
What We Know and What We Don’t
Documented:
$20-30M+ through eTreppid (classified contracts)
$3M+ through Blxware (Air Force contracts)
$124-250K through MCSO (RICO seizure funds)
$3M+ cash through Lindell (per Merritt, on the record)
$1.5M home through Gray Horse Trust (Lindell funds)
$1.8M in unresolved gambling debts (Clark County felony indictment)
ZERO footprint in civilian public financial databases
Assessed:
Lifetime financial extraction: $15-28M+ (conservative)
Gambling addiction as primary behavioral driver
Parasitic access chain model — never independently accesses backers
1:44 ratio of personal gain to downstream destruction
Unresolved:
Montgomery’s personal share of eTreppid revenue
Full Gray Horse Trust documentation
WMD device revenue arrangements
Whether Fanning receives financial benefit from Montgomery
Current status of 14-year-old Clark County felony indictment
SOURCES: Federal contracting records, Clark County NV criminal docket, Blixseth bankruptcy proceedings, MCSO records, Arpaio sworn testimony (April 2015), on-the-record statements (Josh Merritt to Salon, Lindell public statements), Florida property records, Florida Secretary of State filings (Blxware LLC), PMC CivicOps database (340M+ records searched), Wall Street Journal (Gibbons investigation, November 2006), NPR (2009), New York Times (2011, 2014).
ABOUT THIS SERIES: “Constitutional Republic” is an investigative series by Project Milk Carton, a 501(c)(3) nonprofit (EIN: 33-1323547). This investigation was conducted using ARIA, our Autonomous Research & Intelligence Agent.
Project Milk Carton — Shining light where it matters.