A Sandy man who pulled in $2 million in investments has been charged with securities fraud and money laundering.
The charges were filed by the Utah attorney general's office Wednesday against Glenn Earl Lloyd II, 50. He was charged with 14 counts of securities fraud, 10 counts of offering or selling unregistered securities, 10 counts of money laundering and one count of conducting a pattern of unlawful activity.Lloyd could not be reached for comment.
Lloyd is accused of selling numerous unregistered securities to residents, mostly physicians and their pension plans, over the past four years.
Prosecutors allege he misrepresented information about the investments and omitted material information about the investments and about himself - including his previous legal problems.
Lloyd has been subject to a consent order with the U.S. Department of Labor regarding his selling investments to pension plans since 1990, he lost his securities license in Idaho in 1992 and the National Association of Securities Dealers revoked his membership and fined him $50,000 earlier this year.
The attorney general's office also filed suit to recover assets. A seizure order was issued so his assets may be frozen pending the outcome of the civil case.