Office of the Attorney General Announces Fraud Conviction for Lamont Squires [UPH Wire]

Office of the Attorney General Announces Fraud Conviction for Lamont Squires
SALT LAKE CITY March 23, 2016 – After two days of testimony, a jury found
Lamont Boyd Squires guilty of four counts of Communications Fraud and one
count of Pattern of Unlawful Activity, all 2nd Degree Felonies. The case
was prosecuted by the Mortgage and Financial Fraud Unit of the Office of
the Attorney General (OAG). Squires’ partner, Stephen Anderson, had
previously plead guilty on August 25, 2015 for his role in the fraud.
“Stopping white-collar crimes and protecting Utah consumers is among the
highest priorities for our office. This case demonstrates the importance of
being careful, even with family, before entering into risky business
propositions,” said Attorney General Reyes. “The devastation wrought upon
the lives of victims breaks my heart and reinforces our commitment to
aggressively pursue fraudsters and scammers continuously. The perpetrator
in this case will be listed on our fraud registry.”
As proven at trial, the case stems from a loan between family members and a
failed real estate development deal. During Squire’s trial, OAG attorneys
proved that in 2008 he, with Anderson, solicited family members to join in
a real estate development project. Family members agreed to allow Squires
to use property they owned in Lehi as collateral on a hard money loan
which, in turn, was to be collateral for a larger $15 million dollar loan
to complete the real estate development project. Once the $15 million
dollar loan was funded, Squires promised family members the hard money loan
would be repaid, any related liens on family property would be removed, and
family members would be paid $100,000 for the use of their property.
Squires told family members that there was little risk.
Ultimately, Squires failed to obtain the $15 million dollar loan needed to
complete the project and defaulted on the hard money loan. The family
members’ property was lost to foreclosure. In addition, some of the hard
money loan was spent on expenses unrelated to the real estate development
project or was otherwise spent in a manner inconsistent with what was
promised.
Sentencing for Squires is set for May 3, 2016, before Judge Howard in
Utah’s Fourth District Court. Squires faces a possible sentence of 1 to
15 years in the Utah State Prison on each count for which he was
convicted. Those sentences could be ordered to run consecutively or
concurrently.
This case was investigated by Agent Steve Sperry of the Special
Investigations Unit of the Utah Attorney General’s Investigations Division.
# # #

Daniel Burton
Director of Communications/Government Records
Office of the Utah Attorney General
Mobile: 801-386-6830

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