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SALT LAKE CITY (AP) -- A Utah businessman accused of cheating investors has three years to pay millions of dollars or face a possible prison sentence.
Marc Jenson of Nimbus Capital Partners pleaded no contest to three securities violations, but the conviction will be erased if he comes up with $4.1 million.
Retired lawyer Morty Ebeling said he's satisfied the deal requires Jenson to make good on a $2.5 million debt. Jenson also must repay $1.6 million to Michael Bodell.
Third District Judge Robin Reese insisted on the restitution Thursday after scuttling an earlier plea deal that offered only a promise of repayment.
Jenson was raising money for another man who wanted to take over Brunswick Corp.'s Mongoose bicycle division and sell bikes to the Mormon church for use by missionaries.
Prosecutors said Jenson was still raising money, even after Brunswick sold Mongoose to Pacific Cycle Inc. of Madison, Wis.
Jenson can't loan money and must stay out of trouble and supply authorities his tax returns for the term of the plea deal.
But it allows him to stay involved in the transformation of the former Elk Meadows ski area, 200 miles south of Salt Lake City, into a gated community with million-dollar homes and a Jack Nicklaus-commissioned golf course.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
