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He promised to turn dirt into gold. He got millions of dollars -- and prison time

April 27, 2021. Summarized by summa-bot.

Compression ratio: 24.3%. 1 min read.

The Federal Courthouse is shown Monday, Aug. 12, 2019, in Salt Lake City. Former Eagle Scout Aaron Shamo, 29, will stand trial beginning Monday on allegations that he and a small group of fellow millennials ran a multimillion-dollar empire from the basement of his suburban Salt Lake City home by trafficking hundreds of thousands of pills containing fentanyl, the potent synthetic opioid that has exacerbated the country's overdose epidemic in recent years. (AP Photo/Rick Bowmer)

A Utah man promised investors his business could turn dirt into gold and swindled millions of dollars from them over several years, according to federal officials. Now, he has been sentenced to prison for his role in an $8 million telemarketing fraud scheme.

"What investors did not know was that Tager and Shoucair first met while serving multi-year federal prison sentences together for previous fraud related convictions," reads the release.

In 2005, Tager was serving a two-year sentence for mail fraud when he met Shoucair, who was serving a five-year prison sentence for running a $50 million telemarketing fraud, according to officials.

"However, three million dollars of investors' money was spent for the personal benefit of Tager, Mangum, and Shoucair, with another two million dollars of the funds going to pay telemarketers, including Gross, who helped raise the funds," reads the release.

Shoucair, from North Hills, California, was sentenced last October to 72 months in federal prison for conspiracy to commit wire and mail fraud and money laundering.

Mangum, from South Jordan, Utah, was sentenced in November to 48 months in federal prison for conspiracy to commit wire fraud and money laundering.

by summa-bot

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