Man who bilked investors out of church mission savings gets jail time
A Utah man convicted of operating a Ponzi scheme was sentenced to more than three years in federal prison
A Utah man convicted of operating a Ponzi scheme was sentenced to more than three years in federal prison.
U.S. District Judge Clark Waddoups in Salt Lake City sentenced on Monday 43-year-old Darren Lee Shanks of Santaquin on a conviction for wire fraud.
Prosecutors say Shanks told investors he was a foreign currency trader who made as much as 16 percent a month for himself.
They say his returns for investors were far less, however, and that he owes 36 investors $1.7 million.
The investors told the judge they had mortgaged their homes and taken money from college and church mission savings to invest with Shanks.
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