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Mary Richards reportingState investigators are looking into a real estate scam originating in Draper. Authorities say at least three people lost thousands of dollars, and there could be more victims.
State officials say the Millionaire Investor Group may have sounded like a good way to get in on hot property, but it wasn't.
"We've seen an enormous increase in real estate scams because property values are rising across the country," says Wayne Klein, director of the Utah Division of Securities. "And so this is an investment opportunity that could be legitimate if done properly. Unfortunately in this case, it wasn't."
Klein says the group told investigators their money would buy houses that would then be flipped and sold for a profit. He says the money was used by the group for personal expenses instead.
