ST. GEORGE – A man accused of scamming an 88-year-old St. George widow out of $100,000 has been charged with felony counts of theft and fraud.
Richard A. Loveday, of Alpine, Utah, was booked into the Utah County Jail this week for allegedly scamming the victim from April to September of last year. He has been charged with securities fraud, theft, and communications fraud, all second degree felonies. Loveday was transferred to Washington County’s Purgatory Correctional Facility Thursday and is being held on $100,000 cash-only bail, according to a statement from the Utah Department of Commerce.
Charges against Loveday were filed by the Utah Attorney General’s Office in the Fifth District Court.
According to the statement, a securities compliance investigator with the Utah Department of Commerce, Division of Securities looking into Loveday’s activities reported information to the Attorney General’s Office which ultimately filed the charging paperwork with the court.
“The filings explain that Loveday allegedly met the victim at a health exposition in St. George and subsequently arrived unannounced at her home where he purportedly talked her into giving him $70,000 as an investment,” the statement reads. “He promised a 14 percent return, monthly income of $875, and a $15,000 bonus payment. Loveday then allegedly spent the money on himself and his family and later returned for an additional $30,000 by blaming her for authorities freezing his account after an acquaintance of hers contacted the Utah Division of Securities.”
Concerning the case, Francine A. Giani, Executive Director, Utah Department of Commerce, said, “We applaud the AG’s office for their swift action against this swindler who preyed upon an 88-year-old widow’s trust and stole $100K for his own selfish financial gain.”
Utah Attorney General Sean Reyes said his office appreciates the strong relationship between it and the Utah Department of Commerce and its Division of Securities.
“We continuously find the agency to be professional, thorough and effective,” Reyes said. “The fine investigative work done on Mr. Loveday created a compelling case for Jake Taylor and our office to file. We hope this will keep him away from additional possible victims.”
Authorities believe Richard Loveday may have fraudulently represented investments to other Utah residents, including senior citizens. Those that think they or their family members may be victims are encouraged to contact the Utah Division of Securities at 801-530-6936.
- St. George business cited for deceptive business practices
- Utah’s top 10 consumer scams of the past year
- Division of Securities issues investor warning on medical marijuana offers
Email: [email protected]
Copyright St. George News, SaintGeorgeUtah.com LLC, 2014, all rights reserved.