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SALT LAKE CITY (AP) — A federal grand jury in Salt Lake City has returned a 38-count indictment against a former Utah man accused of defrauding investors and laundering money at his company specializing in sports hydration drinks.
Federal prosecutors say 51-year-old Randy Olshen of Newport Beach, Calif., lived in Park City when he allegedly started to fabricate paperwork inflating the value of his company in 2009.
The indictment says Olshen was president of Innovative Health Solutions when he told investors sales totaled $28 million in 2012, when it really was $779,000. He also falsely claimed he had accounts with several national chains, including Costco, Rite Aid, CVS and Food Lion.
Olshen faces up to life in prison and millions of dollars in fines if convicted on all counts of money laundering, mail and wire fraud.
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