In his second appearance before the Board of Pardons and Parole, C. Dean Larsen reiterated his desire to pay back investors who lost thousands of dollars when his real estate company went bankrupt.
Board member Don Blanchard told Larsen that he and other board members were concerned about his commitment to paying restitution to the investors."I would hope that the efforts that have been made in the past would be evidence of the concern and desire to do what you'd suggested," Larsen said, referring to examples of people he'd paid back even before fraud charges were filed against him.
Larsen, 59, was convicted of 18 counts of securities fraud in 1990 and sentenced to serve nine years in prison. Larsen owes nearly half a million dollars in restitution to about 100 people who lost money when his company, Granada, went bankrupt in 1987.
A bankruptcy trustee estimated in 1990 that investors lost more than $50 million. Some investors received only 4 cents on the dollar, while others received nothing.
At Friday's hearing Larsen estimated he'd paid about $250,000 in restitution before being criminally charged.
Blanchard pointed out in the first hearing that many of the investors lost their retirements and had written that the losses devastated them. At Friday's hearing, Blanchard said he'd received letters from victims. Some wanted him to serve his full sentence, while others wanted him released early so he could pay as much restitution as possible, he said.
At both hearings, Larsen emphasized his desire to get out of prison and continue to pay investors back. When Blanchard asked Larsen about violating a court order not to act as a fiduciary while out on bail, Larsen adamantly denied any wrongdoing.
Blanchard said Larsen's case required a lot of time to review and added that he was glad he didn't have to make the decision alone. He also said he'd delay a decision by the board for a week so Larsen's attorney could respond to charges by the attorney general's office that Larsen had worked as a fiduciary while on bail.
As he left the hearing, Larsen smiled and waved at family and friends who came to the hearing in support of the businessman. His wife declined comment, saying she hoped to shield her two teenage sons from any more press attention.