Utah Man Sentanced for Investment Fraud

Shannon Weidemann

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A Utah man that frauded investors out of $15 Million. He coerced people to invest in his car sales and leasing business. A judge sentenced him to five years in federal prison for his crime.

The indictment says Wynn employed investor recruiters and held seminars to get people to sign on. Wynn allegedly told investors their investments would be monitored in a third-party escrow account and would be secured by property valued at 150 percent of the investment. Prosecutors say those claims were untrue and that those charged with holding the investment funds were not bonded escrow agents.

Wynn plead guilty to the charges in a plea bargain. The judge also ordered the man to pay back the $15 Million to all of the investors. People in California, Idaho, and Arizona were victims of the fraud. The defendant hoped to forgo prison time in order to work and pay them back.