OGDEN -- The state Board of Pardons has announced a convicted real estate scam artist will serve three years and three days for his crimes.
Investigators say Wayne Ogden, who was sentenced last July to one to 15 years on fraud and theft charges, conned as many as 500 people out of $8 million.Ogden will be paroled July 10, 2001, the state Board of Pardons decided Friday.
At his Jan. 19 parole hearing, a teary-eyed Ogden promised several times that he would pay his victims back.
"I have absolutely a 100 percent belief that I can repay everyone," he said. "I promised people they would not lose money. I intend to fulfill that promise no matter what it takes, no matter how much time and effort is necessary."
Ogden said he has a job with a Denver real estate developer waiting for him upon his release.
One victim, R. Thane Hales, who bought Ogden's palatial South Ogden home at a foreclosure auction last month, supported the release date. Hales lost an estimated $250,000 through Ogden's now worthless promissory notes.
"I think he should be out and have a chance to work this off," Hales said. "It might take him the rest of his life, but that seems to be his desire, and I hope he does it. He has a chance to redeem himself."
But one of Ogden's most vocal critics, Andrew Weisberg, disagreed with the parole board's decision.
"I don't get it. I'm at a loss. What is that? About two days in prison for each victim?" said Weisberg, who lost $115,000 in the real estate proposal turned Ponzi scheme.
"What the hell were they thinking? That's unbelievable. That's what got him in prison in the first place, promising to pay people back," said Weisberg, who was arrested after confrontations with Odgen's brother about the scandal.
But Weber County Attorney Mark DeCaria, who prosecuted Ogden, was not surprised by the release date.
"The board is obviously concerned that Mr. Ogden gets out when he has the best opportunities to work during his most profitable years, while he's still employable and has some energy, so he can make restitution to as many people as possible, as soon as possible," he said.
During sentencing, 2nd District Judge W. Brent West ordered Ogden to pay back "each and every penny of principal" to his victims.
DeCaria said his office will have an exact dollar amount on the restitution Ogden owes by the time he gets out of prison.
Until the state loses jurisdiction over him 27 years after his release, Ogden's parole officer will be in charge of securing regular restitution payments from him.
After that, victims can file civil lawsuits to collect.