This is an archived article that was published on sltrib.com in 2008, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
A 40-year-old South Jordan man admitted this week to bilking two investors out of about $4.7 million.
Darin Layne Kracl pleaded guilty in 3rd District Court to one count each of second-degree felony securities fraud and third-degree felony theft.
He could face up to 20 years in prison when he is sentenced Feb. 9 by Judge Randall Skanchy.
The fraud began in December 2006, when Kracl met with two investors at his Salt Lake County business, Advanced Trading Solutions LLC, charging documents state. Despite not having a trading license, Kracl offered to trade the investors' money in foreign markets.
During the next five months, the investors paid Kracl about $6.7 million. When the investors requested to see account statements, Kracl allegedly told the men the information was confidential. Authorities later learned Kracl spent about $2.1 million on unrelated people and companies, $1.7 million on his own investment funds, and $869,000 on vehicles, including a Porsche, court documents state.
Investors have recovered about $2 million of their original investment but are still owed $4.69 million, court documents state.
- Stephen Hunt