Logan man sentenced to 5 years in federal prison on investment schemes
Dec 14, 2021, 8:24 PM | Updated: Dec 29, 2022, 11:53 am
FILE: Handcuffs, Stock image. (Getty Images)
(Getty Images)
SALT LAKE CITY — A Logan man was sentenced to five years in federal prison last week for defrauding numerous individuals involved in his business venture investment schemes.
Ryan R. West, 45, had pled guilty in August to four counts of wire fraud connected to his unlawful schemes.
According to a press release from U.S. Attorney’s Office for the District of Utah, West had swindled his victims out of roughly $5.4 million between 2011 and 2016.
In addition to the time in federal prison, West was also ordered to three years of supervised release. He is ordered to pay more than $5.4 million in restitution to his victims. He will also forfeit $5,261,755.73 in proceeds and a 4-carat diamond.
According to the press release, West’s first unlawful scheme involved soliciting investments from people for a business venture in operating a gravel quarry in western Texas. His second scheme involved investments from individuals for a commercial property flipping venture in North Dakota.
In the Texas case, West used the money for personal expenses, including a 4-carat diamond and other business expenses. Additionally, he did not return any of the money to the investors.
In the North Dakota case, West borrowed roughly $650,000 from investors. He sold North Dakota property for $190,000 and kept all of the money.
Gary Alan Gygi, 57, of Holladay, is West’s co-defendant in the case. Gygi also pled guilty in August and will be sentenced on Thursday.
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