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SALT LAKE CITY (AP) -- A former Utah resident allegedly raised a lot of money by promising to build a hotel and golf course in Midvale -- but the development never happened.
Yesterday, Angelo Degenhardt admitted he had defrauded investors and pleaded guilty to one court of securities fraud.
Under a plea bargain, prosecutors will recommend six months of home confinement.
Mark Hirata, an assistant U-S attorney, said the government's interest is to benefit the victims who lost money, which is estimated at two-point-four (M)million dollars.
Degenhardt was involved in various ventures in the 1990s. In 2003, an indictment was issued accusing him of lying to investors about what he would do with money and falsely claiming that they could get refunds under certain conditions.
Sentencing is set for July 18th.
(Copyright 2005 by The Associated Press. All Rights Reserved.)
