FARMINGTON -- A judge has ordered a 69-year-old man to begin paying $3.9 million, plus interest, in restitution.
David Burns Stayner, owner of Secured Loan Fund, based in Farmington, appeared Wednesday in 2nd District Court for a restitution hearing.
He is currently serving one year in Davis County Jail and nine years' probation for securities fraud and communications fraud, both second-degree felonies.
Judge David R. Hamilton ordered Stayner to begin paying $750 a month and has set Oct. 5 for a review hearing.
At that time, the judge will determine if Stayner can increase the amount once he is allowed work release from the jail, said Davis County Attorney Troy Rawlings.
According to court documents, Stayner collected funds from multiple investors in 2004, claiming the investments were secure and would pay a guaranteed 12 percent. The funds were used to buy property in California, but Stayner also used the principal to repay some investors.
As part of Stayner's probation, he cannot be employed by any business where he handles money. He also has to provide to the judge quarterly reports on his employment and finances.