SALT LAKE CITY (AP) -- A former Mormon church leader from Utah and his business associate have pleaded guilty to fraud.
The Salt Lake Tribune reports that Michael Kay Smith and associate Quintin Fullmer Smith each pleaded guilty to two counts of felony attempted securities fraud on Monday. Several other charges were dismissed as part of the plea deal.
Prosecutors say the duo brought in at least $1.8 million in investments from 2005-2009. They promised investors 18 percent return by taking over contracts of furniture customers who couldn't qualify for traditional financing.
The biggest investor was football coach Norm Chow, then a University of Utah offensive coordinator who donated $500,000. Court documents show investors lost $911,000.
Smith was a leader in one of The Church of Jesus Christ of Latter-day Saints' stakes, which is similar to a Catholic diocese.