Source: CVDaily Feed
KAYSVILLE, Utah (AP) — A Kaysville businessman has been charged with defrauding investors across the country of more than $72 million in a Ponzi scheme.
Dee Randall was charged Wednesday in 3rd District Court with 22 counts of securities fraud and one count of pattern of unlawful activity.
Randall is accused of using investments from about 700 people to pay for other entities he controlled and to pay off other investors.
According to charging documents, most of the investors participated because Randall had a good reputation in the insurance industry and was an active member of the Mormon church.
The state attorney general’s office says the scheme was one of the largest to originate in Utah, and Randall began defaulting on payments to investors in 2009.
A warrant for his arrest was issued Wednesday. Randall operated several businesses throughout Northern Utah, including offices in Kaysville, Woods Cross, Fruit Heights, Logan and in Sandy.