Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY — A citizen of Great Britain who bilked millions of dollars from investors as part of a Ponzi scheme is headed to prison.
A federal judge sentenced John S. Dudley, of Sandy, to five years in prison after he pleaded guilty to wire fraud. The judge also ordered him to pay $6.8 million in restitution. Dudley, 59, will be deported when he completes his sentence.
"Mr. Dudley's web of lies damaged or destroyed the financial future of more than a hundred victims," U.S. Attorney for Utah David B. Barlow said in a statement. Victims ranged from young adults to older people.
Dudley touted various investment programs, including a foreign exchange trading program, mining speculation, and European and domestic stock options. He claimed monthly return rates as high as 10 percent and told investors he hadn't suffered a trading loss since 1978.
Authorities say Dudley used the money to fund a lavish lifestyle, including a $1.5 million home, luxury cars and exotic vacations.
