SALT LAKE CITY — A citizen of Great Britain who bilked millions of dollars from investors as part of a Ponzi scheme is headed to prison.
A federal judge sentenced John S. Dudley, of Sandy, to five years in prison after he pleaded guilty to wire fraud. The judge also ordered him to pay $6.8 million in restitution. Dudley, 59, will be deported when he completes his sentence.
"Mr. Dudley's web of lies damaged or destroyed the financial future of more than a hundred victims," U.S. Attorney for Utah David B. Barlow said in a statement. Victims ranged from young adults to older people.
Dudley touted various investment programs, including a foreign exchange trading program, mining speculation, and European and domestic stock options. He claimed monthly return rates as high as 10 percent and told investors he hadn't suffered a trading loss since 1978.
Authorities say Dudley used the money to fund a lavish lifestyle, including a $1.5 million home, luxury cars and exotic vacations.
- Romney, Huntsman may both be taking...
- Police stumped about what caused Springville...
- Granite School District reaches agreement...
- Police probing what caused deaths of...
- About Utah: Baltic Avenue just bought Boardwalk!
- Heavy rains flood homes, cemetery in Herriman
- Body of overdue hiker found in Zion National...
- Utah in wait-and-see mode on same-sex marriage
- Students rally for beard 'revolution'... 77
- Utah gay marriage case first in line at... 57
- Mia Love declines to make joint... 50
- Join the discussion: How libertarian is... 36
- Romney, Huntsman may both be taking... 35
- Coast-to-coast horseback ride against... 30
- Utah in wait-and-see mode on same-sex... 22
- 2 Utah companies respond to FDA warning... 18