Fraud penalties against Utahn include $83M repayment

Fraud penalties against Utahn include $83M repayment

By Tom Harvey The Salt Lake Tribune
Published Aug 31, 2012 06:28PM MDT
A federal agency has barred a Utah man from working in the securities industry after a federal court ordered him to repay $82.8 million in profits and interest from a Ponzi scheme in which he bilked investors with a promised return of 20 percent a month risk-free. The Securities and Exchange Commission is probiting Raymond P. Morris, 44, from associating with securities brokers and agents and from participating in any penny stock offering. From March 2007 to January 2009, Morris took in more tha...
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