WOODS CROSS – A Davis County businessman has been accused of bilking more than $72 million from investors between 2006 and 2011.
63-year-old Dee Allen Randall of Kaysville was charged with 22 felony counts of securities investment fraud in Salt Lake’s 3rd District Court on Wednesday. The charges were filed by the Utah Attorney Genreral’s Office.
Court documents show that Randall is accused of using several businesses to entice investors into giving him money that he would then use to pay off other investors and debts.
The alleged Ponzi scheme took place in northern Utah communities, primarily in Davis County.
Court documents show that some of the businesses operated by Randall include Horizon Financial Center Management, Horizon Auto Funding, and Horizon Mortgage and Investment.
Court records also show that Randall operated these businesses in Bountiful, Woods Cross and Fruit Heights.
Along with the securities fraud charges, Judge Deno Himonas issued a warrant for Randall’s arrest, with bail set at $100,000.
Charging documents show that Randall used his reputation as an insurance agent and his good standing as a member of the LDS Church to recruit investors.