A father and son from Mapleton who promoted a gold mine investment that bilked investors of more than $2 million have been sentenced on multiple counts of securities fraud.
Robert Holker and his son, Martin Holker, had pleaded guilty late last fall. Robert Holker was sentenced to up to five years in the Utah State Prison. Martin Holker was ordered to spend 180 days in the Salt Lake County Jail, followed by probation.Third District Court Judge David S. Young, castigating the Holkers for their flagrant lies to investors and misuse of personal relationships, also ordered the Holkers to pay restitution to more than 100 investors from throughout the country.
Robert Holker pleaded guilty to four felony counts of securities fraud and one count of selling securities without a license in connection with his solicitation of investments for a Montana gold mine over a three-year period, the Department of Commerce said.
Martin Holker pleaded guilty to four misdemeanor counts of attempted securities fraud.
The Holkers told some investors that a revelation from God had promised that gold would be found in the mine near Sheridan, Mont., and misled investors as to the mine's profitability. They operated the now-bankrupt H&H Gold Inc.
The State Division of Securities alleged that the Holkers used the money to pay off previous investors in a sort of ponzi scheme and failed to disclose that Robert Holker had been ordered to stop violating securities laws in Minnesota and Missouri.
Robert Holker had faced up to 25 years in prison, while his son faced up to four years.