Utah Man Denied Parole after Committing $140 Million Fraud Scheme
Posted on Dec 23, 2008 9:52am PST
The Associated Press is reporting that the Utah Board of Pardons recently denied a man's parole request. The man, from Ogden, was sentenced to prison after he was convicted of committing and organizing a $140 million
fraud scheme.
The board will not hold another meeting or parole review for this case until June 2025. The defendant, 63 year old Val Southwick, received sentencing in June 2008. He was sentenced with 9 consecutive terms of 1 to 15 years in prison for his crime,
securities fraud.
On December 16th, the court held the parole hearing for Southwick. At the hearing, victim's of Southwick's schemes were able to speak to the Board about how they lost their homes and millions of dollars in retirements savings after being victimized by one of the largest Ponzi schemes ever reported in the state of Utah.
The Board used a rationale sheet to show that it factored in aggravating factors more than mitigating factors when reaching its decision to deny Southwick parole.
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