SALT LAKE CITY — The owner of a Salt Lake investment firm will spend five years in federal prison for running a multimillion-dollar Ponzi scheme.
Emilee Peterson Buckley, 39, pleaded guilty to three counts of wire fraud in U.S. District Court in connection with an investment fraud scheme she operated as Calypso Financial. In addition to the prison term, Judge Dee Benson ordered her to pay $11.3 million in restitution.
Buckley induced new investors with promised returns of up to 15 percent knowing the funds would be used to pay old clients, commonly known as a Ponzi scheme. From January 2007 to October 2007, investors paid Buckley more than $13 million.
Contrary to her representations, prosecutors said, the investments were not profitable and were for her personal benefit.
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