A Kaysville businessman has been charged with running an alleged Ponzi scheme that took more than $72 million from about 700 people.
Dee Randall, 63, was charged Wednesday in 3rd District Court with a pattern of unlawful activity and 22 counts of securities fraud. All of the alleged crimes are second-degree felonies, except for one of the fraud charges, which is a third-degree felony.
U.S. bankruptcy officials suspected Randall the owner of Horizon Mortgage & Investment, Horizon Financial & Insurance Group and Horizon Auto Funding ran a Ponzi scheme in which monies from new investors were used to pay earlier investors to make it appear the businesses were profitable. Some of his investors lost their entire retirement funds, according to the charges.