SALT LAKE CITY (AP) - A Fruit Heights businessman will spend more than nine years in the Utah State Prison for running a Ponzi scheme that authorities called one of the largest in the state’s history.
The Deseret News reports (https://bit.ly/2jYcINL ) that 66-year-old Dee Allen Randall was sentenced Monday to nine to 30 years after previously pleading guilty to four counts of securities fraud and one count of carrying out a pattern of unlawful activity. Another 15 charges were dismissed as part of a plea agreement.
According to court documents, Randall convinced about 700 people nationwide to invest more than $72 million into various business ventures. The fraud lasted form 2006 until 2011.
The state is seeking at least $36.8 million in restitution in connection to the five charges Randall pleaded guilty to. A restitution hearing is set for May 15.
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Information from: Deseret News, https://www.deseretnews.com
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