Saturday , November 11, 2017 - 10:12 AM
SALT LAKE CITY (AP) — A Utah man who pleaded guilty to skimming cash he persuaded his employer to invest in a planned cellphone app has been ordered to pay restitution and placed on probation.
Cortney Blaine Pierce of Vernal will be on probation for four years and had a five year prison term suspended.
The Deseret News reports the 42-year-old convinced his boss to invest $65,000 in an app designed to allow trucking companies to bid on jobs but spent only about a quarter of the money on development. He spent the rest on golf, shopping trips, cellphone bills and other personal expenses.
Pierce promised his employer half ownership in the company and $10 million a year in profits.
He pleaded guilty to securities fraud in July and was sentenced last week.
Information from: Deseret News, http://www.deseretnews.com
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