Fraud Suspect Tries Risky Defense in Court

Fraud Suspect Tries Risky Defense in Court

Save Story
Leer en espaƱol

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

(Provo-AP) -- He told his alleged victims about a "no-risk" investment.

Now on trial for fraud, Calvin Stewart is trying what could be a risky defense.

He told a Provo judge yesterday that the court system doesn't have any jurisdiction over him, and he does not consent to the trial.

The trial is scheduled to continue today -- despite Stewart's objections.

He's accused in a real estate scam that swiped 22 (M)million dollars from Utah homeowners.

Stewart and others reportedly would promise people who were selling their homes that they could place the equity in a trust account. That money would be invested -- earning a 40-percent return -- all with no risk to the homeowner.

Turns out, prosecutors say it was a classic Ponzi scheme, where the only returns being paid came from new investors -- not investment profit.

Two alleged accomplices have agreed to testify against Stewart in exchange for lighter sentences. There's also a huge civil lawsuit pending against the suspects.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

Most recent Utah stories

Related topics



Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

KSL Weather Forecast