Unlicensed investment adviser Robert L. Kime was sentenced this week for five counts of securities fraud, all of which are third-degree felonies.
The prison time was suspended, but Kime will spend 30 days in jail and then be on 36 months' supervised probation.
Kime told investors that their money was secured by trust deeds, but there actually were not enough deeds to back up the investment, according to the Utah attorney general's office.
Kime's $25,000 fine was suspended to allow more money to go to the victims rather than the state, the office said. He must pay $685,000 in restitution to 25 victims. Of that amount, $180,000 was paid this week.
Kime also must perform 300 hours of community service and is prohibited from getting any job in which he will act as a fiduciary.
Attorney General Mark Shurtleff said investors should be sure their money is secured and find out whether the person is licensed.