SALT LAKE CITY — An Orem man who bilked investors out of more than $16 million in a real estate scam is headed to prison.
A federal judge has sentenced Chad Roger Deucher to seven years behind bars, imposed three years probation after his release and ordered him to repay $16.5 million.
Prosecutors originally charged Deucher with 18 counts of wire fraud and one count of fraud in connection with the purchase and sale of securities. He admitted to one count of securities fraud in a plea deal.4 comments on this story
Deucher, who owned Marquis Properties, used direct solicitations, radio ads, a website, and real estate and retirement seminars to find investors, promising returns as high as 22 percent.
In all, Deucher collected $28 million from 250 investors, including 170 who lost about $16 million from 2010 to 2016, according to court documents.
Prosecutors say he transferred several million dollars of investors' money into business and personal interests unrelated to the acquisition or rehabilitation of property. He also failed to tell investors his company was insolvent.