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SALT LAKE CITY — A Sandy man has pleaded not guilty to a 17-count indictment of wire fraud, bank fraud and money laundering in connection with an alleged Ponzi scheme.
John S. Dudley, 56, collected $12 million from around 75 to 100 investors between January 2007 and March 2010 under the guise of investment opportunities, according to an indictment filed May 25 in U.S. District Court.
The indictment alleges Dudley used these funds to pay returns to other investors and for personal use, including the purchase of a $1.5 million home in Sandy, a $860,000 home in Riverton, a down payment of nearly $30,000 for a ski boat and for meals, expenses and gifts to his family.
A detention hearing is set for June 1 in federal court.
Email:benwood@desnews.com
