Draper Man Sentenced for Ponzi Scheme

Draper Man Sentenced for Ponzi Scheme

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(KSL News) -- A Draper man convicted in a Ponzi scheme that netted millions of dollars has been sentenced to prison and ordered to pay back all the money.

Forty eight year old Calvin Paul Stewart will serve at least 10years in prison.

Prosecutors say Stewart helped individuals buy homes throughout the state at inflated prices, then siphoned the funds out of a related escrow account.

They believe Utah County residents involved lost up to 2.8 million dollars while statewide losses may be more than 20 million dollars.

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