A Highland man will spend 48 months in federal prison after pleading guilty to money laundering and bank fraud.
50-year-old Theodore Lamont Hansen was also ordered to pay $1,435,913.44 in restitution as part of his sentence.
Hansen admitted he defrauded an individual of one million dollars using fraudulent promises and omitting material facts, representing that he would use the funds to purchase Seven Peaks Water Park in Provo, promising 23.5% ownership in the water park.
The money was used for purchases inconsistent with his representations, including a $28,000 purchase from RC Automotive.
The bank fraud conviction is part of a check-kiting scheme involving Bank of the West and Deseret First Credit Union, involving at least 10 different companies, which left Bank of the West with a loss of more than $1.6 million.
Hansen pled guilty at his initial court appearance in May of 2019. He was previously convicted for selling unregistered securities from February 2016 to October 2017. He was placed on probation for 36 months, under the condition he disclose to any prospective investors that he had approximately $45 million in outstanding judgments against him.
