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SALT LAKE CITY — An Orem man bilked investors in his real estate firm out of $16 million over six years in a Ponzi scheme, federal prosecutors say.
A grand jury indicted Chad Roger Deucher, 43, on 18 counts of wire fraud and one count of fraud in connection with the purchase and sale of securities. He is scheduled to appear in court later this month.
Deucher, who owned Marquis Properties, used direct solicitations, radio ads, a website, and real estate and retirement seminars to find investors, promising returns as high as 22 percent, the indictment states.
In all, Deucher collected $28 million from 250 investors, including 170 who lost about $16 million from 2010 to 2016, according to the indictment.
Prosecutors allege he transferred several million dollars of investors' money into business and personal interests unrelated to the acquisition or rehabilitation of property. He also allegedly failed to tell investors his company was insolvent.
The maximum penalty for each of the 19 counts is 20 years in federal prison. The potential fine for securities fraud is $5 million and each wire fraud count has a potential $250,000 fine.
Deucher is also the subject of a Securities and Exchange Commission civil lawsuit.
— Dennis Romboy