A Salt Lake real estate developer was charged Monday in 5th Circuit Court Monday for making misleading statements to three investors to whom he sold $115,000 in promissory notes, court records say.
E. Keith Lignell, a co-developer of the American Plaza, 77 W. Second South, and other developments, was charged with three counts of securities fraud, records say.
In December of 1983 the developer sold a $45,000 promissory note on a condominium and failed to reveal to the investor that he did not own the property, the records say.
The developer also sold a $50,000 and a $20,000 promissory note to two separate investors and falsely stated to the investors he had established an escrow account to which funds would be transferred, the records say.
Additionally, the developer did not inform all three investors he had been named as a defendant in other civil law suits alleging he had defaulted on other promissory notes, the records say.