A Provo businessman who allegedly solicited money from investors to market a game that taught people how to use biblical principles to get wealthy is facing 18 felony charges in 4th District Court.
Following an investigation by the Utah Division of Securities, Utah County prosecutors filed charges last week against Alan R. Josselyn, 35, president of MIRP Inc.Josselyn is charged with six counts of securities fraud, six counts of communications fraud, five counts of unlawful employment of unlicensed agents and one count of selling securities without a license. Twelve of the charges are second-degree felonies and six third-degree felonies. Josselyn is currently free on $100,000.
State investigators allege that Josselyn gave several employees of his company fictitious job titles but required them to sell stock in his company. The employees were not licensed to sell securities.
According to a court affidavit, Josselyn used misleading information in soliciting funds from investors. The document says MIRP's stock was overvalued and Josselyn failed to inform investors that he had twice earlier filed for bankruptcy. Investors also were not informed that Josselyn had earlier signed a consent with Vermont officials to never engage in securities transactions again.
State investigators say more than 90 investors from across the United States invested hundreds of thousands of dollars in Josselyn's company. None of the money allegedly was used to market Jos-selyn's money-raising game.
If convicted, Josselyn faces possible prison sentences of up to five years on the third-degree felonies and up to 15 years on the second-degree felonies. He could also face fines of up to $5,000 on each charge.