Mexican man investigated for Ponzi scheme sentenced to deportation

SALT LAKE CITY — A Mexican man who defrauded investors in a $1 million Ponzi scheme while residing in Utah was sentenced to time served and handed over to deportation officials last week.

Christian Montiel-Caleit, 45, was living in West Valley City when he was arrested on Jan. 29 after being indicted by a federal grand jury. He was accused of securities fraud, wire fraud, money laundering and illegal reentry of a previously removed alien.

Beginning in 2021, Montiel-Caleit fraudulently obtained funds from investors by promising high returns. The funds for the returns, however, came from newer investors and by December 2024, investors were no longer receiving their returns as promised, court documents state.

"Principal was rarely, if ever, returned. ... Montiel did not generate returns as represented, he diverted investment money for his personal use and benefit, and he used money from new investors to pay previous investors," the indictment states.

He would often generate returns by flipping vehicles and real estate, creating entertainment events and issuing high-interest loans, the indictment said. Montiel-Caleit was not licensed to sell securities and collected around $1 million from approximately 30 investors, according to prosecutors.

Montiel-Caleit was previously removed from the U.S. in 2006 and had not obtained consent to apply for readmission, according to the indictment.

On July 20, he pleaded guilty to just the illegal reentry charge and as part of his plea agreement, the other charges were dropped. On Thursday, he was sentenced to time served and handed over to the custody of Immigration and Customs Enforcement, court records show.

Related topics