FARMINGTON -- Prosecutors plan to ask a judge to order a 70-year-old man to pay $15,000 a month toward restitution of $3.9 million, plus interest.
David Burns Stayner, owner of Secured Loan Fund, based in Farmington, appeared this week in 2nd District Court for a restitution review hearing.
Judge David R. Hamilton said he got the documents concerning restitution shortly before court and had no time to review them.
Davis County Attorney Troy Rawlings said he plans to ask the judge to order Stayner to pay $15,000 a month.
Hamilton set April 11 for another hearing.
Stayner is currently serving a nine-year probation for securities fraud and communications fraud, both second-degree felonies.
According to court documents, Stayner collected funds from 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.