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Utah man charged in Ga. over $30M scheme

Utah man charged in Ga. over $30M scheme

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ATLANTA (AP) -- Federal prosecutors in Georgia have charged a Utah man with leading an investment company that bilked more than 100 investors out of more than $30 million.

Thomas Repke pleaded not guilty Monday to multiple counts of mail fraud, wire fraud and conspiracy. The 57-year-old was released on a $250,000 bond.

Prosecutors said he and James Jeffery, a 58-year-old Canadian, promised people who invested in their company, Coadum Capital, with monthly returns of 5 percent.

But instead of keeping the money in escrow accounts, authorities say the two transferred more than $20 million to accounts in Switzerland and the Mediterranean island of Malta. They say that by the end of 2007 only a fraction of the money remained.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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