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A Davis County man who was being prosecuted for defrauding investors out of millions of dollars pleaded guilty earlier this month.

On April 1, Dwight Shane Baldwin, 35, pleaded guilty to four counts of securities fraud, one count of theft and one count of pattern of unlawful activity. All of his crimes are second-degree felonies, each of which are punishable by one to 15 years in prison.

As part of a plea agreement, other charges against Baldwin were dropped.

Baldwin solicited people to provide funds for purported real estate-based ventures for his company, Silverleaf Financial, from 2010 to 2013, according to a statement from the Utah Attorney General's Office.

"Typically, Baldwin promised investors large returns within short periods of time with little to no risk," the statement reads. "In connection with the offer and sale of these investments, Baldwin made numerous material misrepresentations and omissions including the risks associated with the investment, how the investment funds would be spent, and Baldwin's ability to close the promised real estate transactions."

Baldwin will be sentenced on May 26. The investors' losses, and how much restitution Baldwin owes them, will be determined at a later hearing.

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