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MURRAY, Utah (AP) -- The Utah Board of Pardons and Parole has denied the parole request of an Ogden man sentenced to prison in a $140 million fraud scheme.
The board on Monday also said it will not hold another hearing until June 2025.
Val Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.
At a Dec. 16 parole hearing for the 63-year-old, victims of his financial programs said they lost homes and millions in retirement funds in what has been described as one of Utah's largest Ponzi schemes.
A rationale sheet used by the board shows it factored in more aggravating factors than mitigating factors in reaching its decision.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
