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 Information in the story may be outdated or superseded by additional information.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 (AP) — A Provo man convicted of luring investors into believing he had salvage rights to materials from Geneva Steel has been ordered to pay $1.4 million to three people who were sucked into his fraudulent scheme.
The Utah Attorney General's Office said Thursday that Rodger Graham told investors in 2004 that he had access to $5.5 million worth of salvaged material that could be used to make new buildings.
Two people invested in the plan, including one who paid him $1 million. Another person hired Graham to build a Harley Davidson dealership with the materials and paid him hundreds of thousands despite very little work getting done.
Graham never paid them back.
Graham pleaded guilty to securities fraud, a pattern of illegal activity and possession of stolen property. He is serving one year in jail.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.