SALT LAKE CITY "” A Lehi couple has been charged with three counts of securities fraud after they used another couple's investment funds to pay for personal expenses and did not return more than $100,000.
Jason and Trisha Paisola volunteered at the call center of The Church of Jesus Christ of Latter-day Saints. Carlos Santos was assigned as their supervisor, according to charges filed Thursday in 3rd District Court.
Jason Paisola met with Santos and his wife to discuss realty investments and recommended they invest in his company, Utah Growth, charges state. Jason Paisola was not licensed to tell securities.
He told the Santoses "there was no risk involved in the investment," "the Santoses had nothing to worry about" and "in no way would he ever hurt the Santoses or their family," according to charging documents.
In July 2007, the Santoses invested $10,000 in Utah Growth, for which they eventually received a $1,500 return over the course of a year.
In December 2007, they took out a second mortgage on their home and invested another $100,000 in Utah Growth, according to prosecutors. The Paisolas used the money for personal living expenses, paying off credit cards, rent and making payments to other individuals, charges state.
The Santoses eventually made another $10,000 investment, bringing their total investments to $120,000. To date, the Santoses have only received $18,625 from the Paisolas, according to prosecutors.
The Paisolas were charged Thursday with three counts of securities fraud, all second-degree felonies. They were summoned to be booked and released at the Salt Lake County Jail.
Article from Deseret News
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