| By Ben Lockhart, Standard-Examiner, Ogden, Utah | |
| McClatchy-Tribune Information Services |
63-year-old
Randall is out of police custody, and a warrant has been issued for his arrest. His bail has been preset at
Randall allegedly engaged in investment fraud using several financial organizations which at the time he owned or managed, including the
He was effective at misleading investors, according to charging documents, and sometimes used his status as a practicing Mormon as a persuasive tool.
"Most of the investors were sold on the high interest rate offered and because Randall had a good reputation in the insurance industry and was an active LDS member," the documents state. "Some investors stated they felt their investment was safe because Randall told them their investment was backed by real estate or car titles. For some investors, Randall stated or led them to believe that they would be placed on the car titles or deed of trust."
Randall illegally misled individuals about the risks of their investments and told them they were protected, court documents say.
"Many of the investors were told about some of the risks of investing, but Randall explained the risks away," the charges state. "Randall stated to some investors that if anything happened to him, he had a life insurance policy that covered (their losses). Randall also stated that even if he went bankrupt, the assets would be sold and everyone would receive their money back."
His actions constituted an elaborate fraud, according to court documents.
"Specifically, Randall created a Ponzi scheme and misused investor funds," the documents state.
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