Post by Logan on Feb 4, 2016 4:46:28 GMT -6
SALT LAKE CITY — An Orem man deceived hundreds of investors out of about $28 million in an extensive Ponzi scheme that began in 2010, according to a complaint filed by the U.S. Securities and Exchange Commission.
Chad Deucher, 43, misled more than 250 investors across the United States by promising them their funds would be used to buy properties and would net them guaranteed returns, the SEC alleges.
Instead, their investments were used to pay off previous investors or to support Deucher's personal expenses, including a one-time mortgage payment of more than $84,000 in January 2015, according to the civil complaint filed Jan. 19.
U.S. Attorney's Office spokeswoman Melodie Rydalch wouldn't comment Wednesday on whether a criminal case is being pursued against Deucher.
Read more: www.deseretnews.com/article/865646870/Feds-say-Orem-man-duped-hundreds-of-investors-out-of-28-million.html
Chad Deucher, 43, misled more than 250 investors across the United States by promising them their funds would be used to buy properties and would net them guaranteed returns, the SEC alleges.
Instead, their investments were used to pay off previous investors or to support Deucher's personal expenses, including a one-time mortgage payment of more than $84,000 in January 2015, according to the civil complaint filed Jan. 19.
U.S. Attorney's Office spokeswoman Melodie Rydalch wouldn't comment Wednesday on whether a criminal case is being pursued against Deucher.
Read more: www.deseretnews.com/article/865646870/Feds-say-Orem-man-duped-hundreds-of-investors-out-of-28-million.html