In August, a 3rd District judge will determine what punishment C. Dean Larsen will receive for the guilty conviction he received over the weekend in one of the largest white-collar crime prosecutions in state history.
A sentencing date has been set for Aug. 6 at 2 p.m. before Judge Leonard Russon. Larsen was found guilty of 18 counts of securities fraud June 22, following seven hours of jury deliberation.The charges stemmed from an investigation by the Utah attorney general's office after Larsen's Granada Inc., filed for bankruptcy in 1987.
Bankruptcy trustee Peter Billings Jr. estimates investors lost more than $50 million in the Granada failing. Larsen controlled several investment accounts through Granada, as well as small limited partnerships.
Many of the investors were doctors who invested their employee retirement plans with Larsen.
The three-week-long trial ended Friday with state prosecutors calling 22 witnesses in an effort to show Larsen misled investors.
Prosecutors maintained Larsen intentionally misrepresented his company's financial status to prospective investors and solicited new investments knowing he didn't have the assets to support his claims to investors.
The defense, however, contends Larsen's company was a victim of an economic downturn and a change in tax laws that tended to discourage real estate investments. Attorney Larry Keller said Larsen also lost considerable money in Granada and other funds.
The securities fraud trial was the first of five trials to be scheduled throughout the year.
Larsen had been bound over on 42 felony counts of securities fraud, sale of unregistered securities, theft and breach of fiduciary duty. But the charges were split and grouped into separate trials.