SALT LAKE CITY -- Federal authorities say a Utah man used a Ponzi scheme to bilk up to 100 investors out of more than $12 million.
John Dudley faces 17 counts of money laundering and wire and bank fraud. The 56-year-old Sandy man was to appear at a detention hearing Wednesday in federal court in Salt Lake City.
The indictment says Dudley promised monthly returns of up to 10 percent for investments ranging from stocks to a human jetpack rocket suit. It says virtually all of the investors' money was used by Dudley to pay other investors or for his personal use, including the purchase of two homes and a $28,000 down payment for a ski boat.
Dudley faces up to 20 years in prison and a $250,000 fine on each wire fraud charge.