The owner of a Utah County investment company has agreed to plead no contest to two second-degree felony charges filed in 4th District Court accusing him of securities fraud and unlawful activity, the Utah Division of Securities announced Tuesday.
Paul Louis Bouchard and his company, Hunters Capital, have been accused of taking $11 million from about 140 investors in a two-year real estate investment scheme.
Hunters Capital promised returns of between 3 percent and 4 percent monthly to investors between July 2005 and May 2007, according to Division of Securities spokeswoman Jennifer Bolton. Investors also were promised they would be able to retrieve their deposits by filing a 30-day written notice.
To date, no real estate was purchased by Hunters Capital, according to Bolton. Rather, Bouchard used new investors' money to pay the returns of older investors. Authorities have received permission from Bouchard to make restitution to the victims.
The criminal charges filed against Bouchard could be punished with up to 30 years of prison time.
The securities division urges consumers interested in new investments to contact them at 530-6600 to ensure investors are licensed properly. The division also can be reached at 800-721-7233 or www.securities.utah.gov.