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E. MILL CREEK MAN PLEADS GUILTY TO FRAUD CHARGES

SHARE E. MILL CREEK MAN PLEADS GUILTY TO FRAUD CHARGES

An East Mill Creek man accused of stealing more than $400,000 from some members of his LDS ward pleaded guilty as charged Thursday.

Terrance L. Hansen, 48, faces 10 counts of securities fraud and theft in a scheme dating to 1989. He misled about a dozen investors into believing that they were investing in nationally known mutual funds or small companies, according to the charges filed in 3rd District Court.Hansen could face several terms of one to 15 years in prison when he is sentenced by Judge Robert K. Hilder on Dec. 12.

Hansen, who was a second counselor in the bishopric of his church ward, instructed investors to make checks payable to the alleged funds and promised to forward the checks and buy shares. But instead, he endorsed the names of the respective funds on the checks and deposited them into a personal account, the charges state.

"Subsequently, Hansen would issue checks from this account to himself for his personal use," court records state.

Hansen also sent phony computerized quarterly statements to the investors. Investors who wanted to withdraw their money were issued redemption checks from Hansen's account, but the checks were changed to display the names of the alleged investment fund or company, prosecutors said.

"It's clear Mr. Hansen has totally accepted responsibility for this and he plans to do everything he can to make restitution to his victims," said Hansen's attorney, Peter Stirba.

Hansen would not comment after entering his plea.