Note there are three Mormons listed here.  All three committed a similar fraud!!  The other two are at the bottom of this article. 

Subject: How is it that the R. Dean Udy scandal got no mention in regular newspapers? Not even the Trib!
Date: Aug 15, 2010
Author: cludgie

I was frustrated not to find much on Udy's conviction and imprisonment. So, LDS Church Regional Representative R. Dean Udy goes to prison last week for conducting a Ponzi scheme that bilked all kinds of Utahns out of their money. The story was carried only in a business publication, but not in the SL Trib. (Thinking that the Deseret "News" might carry it is simply an idiotic idea, eh?) They guy was a.) a Utahn, and b. an LDS leader. Shouldn't it have been at least in the Tribune, say, in their LDS news page with all the other Mormon news both positive and negative? What do you make of it?

Note there are three Mormons listed here that committed fraud!!  The other two are at the bottom of this article.

Subject: Here is the Link for more exposure........Stake Presidency and Regional Rep...
Date: Aug 15 17:00
Author: Mo Larkey

Most mo's have there head buried in a barrel of sand.. the only response I get from telling TBMs about their own scandals is the Church is True but some of the members are not.
They belong to the biggest scam this side of the Rockies


"Udy was sentenced to one-to-15 years in Utah State Prison last week on securities fraud charges to which he pleaded guilty earlier this year. The case was filed by the Utah Attorney General's Office because the victims were located statewide in Utah, and in Idaho and Nevada...

It describes the Ponzi scheme as stretching back 12 years or more.

Olsen said Udy's victims total 1,500, with an estimated loss of $20 million, according to prosecutors. "


Subject: These stories always get buried in Utah...Thanks so much for posting, I had no idea that a ...
Date: Aug 15 17:07
Author: get her done

regional rep. went to jail.  This should have been front page news...I know why it wasn't.  Thank God for the internet and people like you that keep us all informed. Thanks.


Subject: Thankfully the Ogden Standard Examiner put it on front page top n/t


Subject: Is there a link to a court or police press release?
Date: Aug 15 17:47
Author: Matt

If you could post it here, we bloggers could run with it.


Subject: R. Dean Udy, former stake president
Date: Aug 15 19:48
Author: Anon

Hopefully this link will work but if not, this is from

Look under

Regional Reps  Nov 1987 Ensign

Ogden Ut, Riverdale Ut, Syracuse Utah and Clearfield Ut regions. ---R Dean Udy, life insurance agent and former stake president.


Subject: OK, the story is now up.
Date: Aug 15 19:52
Author: Matt

I can't link to it here, but I think you might like the following paragraph

>Brother Udy was a prominent Mormon, having served on a Stake Presidency (similar to the Diocese in the Episcopalian or the Church of England) and as Regional Representative of the Presidency of the LDS/Mormon church, the largest of several sects of the original polygamous cult founded by Joseph Smith.

Subject: I have a relative in his ward
Date: Aug 16 12:40
Author: anon for this

According to him/her everything has been very hush-hush. The recently released bishop of his ward, last name Fife, is now the mayor of Brigham.

He/she thinks they still own their home in Brigham or a friend has helped them hang on to it. It is probably worth 500,00.00.

They have owned property in St George and bear Lake in the past.

When this news broke it was a total shock for lots of the ward members.


2.  Another Mormon running a Ponzi scheme:

This is from Daily Herald Daily Herald | Posted: Saturday, July 31, 2010 12:20 am

A 43-year-old Santaquin man was sentenced to 41 months in federal prison after pleading guilty to wire fraud. He was also ordered to pay $1.7 million in restitution.

According to a news release from the U.S. Attorney's Office in Utah, Darren Lee Shanks operated a Ponzi scheme from October 2007 to September 2009. He had been making foreign currency exchange transactions through trades of futures contracts, and in one month earned a 16 percent return. He told people about it, and they started giving him money to invest. But the investments weren't as successful as his own. Instead of telling the investors, he created false monthly earning reports showing returns between 1 and 8 percent and charged 30 percent service fees on the false returns. Investors who requested out of the program were paid with money from new investors.

When the scheme collapsed, he owed investors $1.7 million. The investors told the court they had taken money from the equity in their homes, college and mission funds and retirement accounts to make the investments, according to the release



3.  Yet Another Mormon running a Ponzi Scheme July 2009:

This is from:

The founder of FranklinSquires, a Provo company that shut its doors last February after an investigation by the state Division of Securities, is accused of scamming investors in a $100 million Ponzi scheme and using the funds to pay for luxury vehicles, restaurant investments and making movies.

Claud R. Koerber, also known as Rick Koerber, of Alpine, 36, was charged with three counts of mail fraud, wire fraud and tax evasion in an indictment returned by a federal grand jury on Tuesday


4.  Read about many more Mormons committing mortgage fraud in Utah at:


Recovery from Mormonism - The Mormon Church

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