Two men who swindled investors, including a prominent University of Utah football coach, out of thousands of dollars over the course of four years one while serving as a counselor in an LDS stake presidency pleaded guilty Monday to orchestrating a fraudulent furniture-financing scheme.
Michael Kay Smith, 66, pleaded guilty to two counts of third-degree felony attempted securities fraud as part of a plea deal with prosecutors. He faces up to 10 years in prison. His son Quintin Fullmer Smith, 33, pleaded guilty to two counts of misdemeanor attempted securities fraud. He faces up to two years in county jail. They will be sentenced in 3rd District Court in October.
As part of their plea deals with prosecutors, four second-degree felony counts of securities fraud and one count of a pattern of unlawful activity were dismissed for each man. Had they been convicted of any one of the second-degree felonies they were initially charged with, the Smiths each could have faced up to 15 years in prison.