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Cache man charged with fraud

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Bruce W. Anderson, of Cove, Cache County, has been charged with 11 counts of securities fraud, two counts of abuse of an elder adult and one count of a pattern of unlawful activity, according to the Utah Department of Commerce.

The department said in a press release Wednesday that Anderson approached nine investors between December 2000 and November 2003 to buy stock in several companies controlled by Anderson, telling investors they would receive a 100 percent return on their investment.

Combined, the investors gave Anderson $596,000, the department release said. Anderson claimed that his companies needed the capital to develop projects that included creating a super capacitor that would enable electric cars to run a week at a time without a battery charge and manufacture a machine that turns automobile tires into electricity.

To date, none of the nine Utah investors have received any of their original deposits back from Anderson, the department said.

Investors should contact the Division of Securities to make sure anyone offering investments is licensed by calling 801-530-6600 or 800-721-7233 or going online to www.securities.utah.gov.