Wynn failed to tell investors he filed for personal bankruptcy in 1989, that Wynn Co. had filed for bankruptcy in 2002, that Wynn faced more than $2 million in outstanding civil judgments and that the Internal Revenue Service had filed a $163,860 tax lien against all of Wynn's real estate in 2001, according to the Utah Division of Securities.

Wayne Klein, director of the division, said discussions are continuing over Wynn's surrender to authorities.

"None of the money that he took from the investors was used for the purposes that he promised," Klein said. "In light of the fact that he had a prior charge and was given a very lenient settlement and then turned around and did the same thing again, I would expect a judge not to be amused."

In 2002, Wynn was forced to close a Salt Lake used-car dealership after failing to pay off liens and deliver titles. Wynn reportedly had promised investors that their money would be collateralized with automobiles.

Officials said that never happened, resulting in the Salt Lake District Attorney's Office filing 37 misdemeanor charges against Wynn.

That same year, Wynn filed for bankruptcy protection, leaving his investors as unsecured creditors. In July, four years after filing, Wynn's bankruptcy case was closed.

Wynn's total assets in the bankruptcy case reportedly amounted to roughly $112,000. In a sworn affidavit by Wynn in 2002, he said total unsecured debt of two of his companies — Wynn Co. and W.F.G. Acceptance Inc. — amounted to $49 million.

---

E-mail: danderton@desnews.com