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(KSL News) -- A Murray man is accused of setting up a phony mutual fund and collecting 20-thousand dollars in failed investments.
Dale Jones was president of Monarch International Holdings, Inc. In October Jones promised a private investor triple returns.
Instead, Jones used the 20-thousand dollar investment for business expenses and personal use. As a result, the investor filed bankruptcy.
Jones is charged with one count of security fraud and one count of theft; both are felonies.
