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ST. GEORGE — Two men have been charged with multiple felonies after investigators in Cedar City say they uncovered a financial "float" scheme whereby the duo allegedly made fraudulent transfers of large sums of money over a period of several months.
According to documents filed Friday in Cedar City's 5th District Court, Terry Joe Allen, 29, and Ryan John Allen, 41, have each been formally charged with five felony counts, as follows: one count each of theft of more than $5,000, communications fraud, pattern of unlawful activity and money laundering, each a second-degree felony; plus one count of forgery, a third-degree felony.
Terry Allen was arrested on April 10 and booked into Iron County Jail that same afternoon. Ryan Allen remains at large as authorities are reportedly in the process of obtaining a warrant for his arrest.
The exact relationship between Ryan Allen and Terry Allen is not specified in the charging documents.
