A Salt Lake businessman faces a Nov. 9 sentencing after being convicted Friday on charges of defrauding several people who invested in his company.
Michael R. Moore, 49, was convicted by a jury in 8th District Court on eight counts of making fraudulent misrepresentations to investors who each put $100,000 in his American Factoring Co.The eight victims named in the case lost approximately $274,000, according to a statement released by the attorney general's office.
However, the statement said the total loss to Utah investors runs as high as $4 million.
The trial was held in Duchesne County, where the eight victims live. Total loss to investors in the Uintah Basin runs as high as $1 million, the statement said.
Moore was the president and founder of American Factoring Co. From 1981 to 1983, the company raised more than $5 million from investors. Moore told investors the money would be used to buy accounts receivable from businesses and collect on them.