2 Utahns charged in securities fraud

The Utah Division of Securities and Utah Attorney General's Office announced Tuesday that securities fraud charges were filed against two Utah men.

Lawrence Jenkins of Draper and Lamar N. Jensen of Salt Lake City each face one second-degree securities fraud charge, the division said in a statement.

The division alleges that the men approached a Utah County real estate investment firm with an offer promising a 100 percent return in one week on a $500,000 investment through medium-term bank notes. In addition, the division alleged that the men promised a $50 million line of credit with interest no greater than 6 percent, and other perks.

The real estate investment firm wired the money and has yet to receive any of its initial investment back, the division alleged.

Investors are urged to contact the division to make sure anyone offering investments is licensed, by calling 801-530-6600, toll free at 800-721-7233 or logging on to www.securities.utah.gov.