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LOGAN, Utah (AP) -- Additional charges have been filed against a Smithfield man accused in a purported investment swindle authorities now believe affected 71 Cache County investors, who lost between $10 million and $15 million.
Paul Jensen, 50, made his initial appearance in court Monday on 30 felony counts of communications and securities fraud and other related charges.
County prosecutors initially filed one second-degree felony charge of issuing a bad check against Jensen in July. New charges were added Monday to include 20 second-degree felony charges of communications fraud, three charges of second-degree felony securities fraud, three charges of third-degree felony sales of unlicensed securities and three charges of third-degree felony sales by an unlicensed broker.
It was also reported in court Monday that authorities have seized real estate and frozen assets owned by Jensen.
First District Court Judge Gordon J. Low increased Jensen's bail from $30,000 to $300,000 because of the new charges. Cache County Attorney George Daines said more charges against Jensen are expected to be filed within three or four months.
Jensen was extradited Saturday from Las Vegas, where, according to his court appointed attorney, David Perry, he was in a psychiatric hospital.
Jensen reportedly ran an investment firm called Interactive Brokers from his Smithfield home. His company had no connections to Interactive Brokers LLC, a Connecticut-based electronic brokerage firm.
Smithfield police are still investigating where the money went.
They began investigating Jensen July 17 after receiving a complaint from an investor. The alleged fraud and illegal sales reportedly occurred between April 2001 and July 2003.
(Copyright 2003 by The Associated Press. All Rights Reserved.)