Utahn faces felony charges over car deals
The charges against Dennis T. Wynn, filed by the Utah Attorney General's Office, include six counts of securities fraud, eight counts of theft, two counts of exploitation of an elder adult, two counts of tampering with a witness and one count for a pattern of unlawful activity.
Between 2003 and 2005, Wynn allegedly told victims they could earn huge profits by investing in his business, according to the Utah Division of Securities. Wynn told investors he made money by buying vehicles wholesale. The automobiles were expected to be sold to bad-credit customers at exorbitant interest rates, with profits split between Wynn and the investors.
Ryan Stephenson, 34, of Saratoga Springs, said he gave Wynn $25,000 in April 2005 after Wynn promised he could purchase Stephenson a vehicle for thousands of dollars less than usual at a car auction.
"I needed a new car," Stephenson said. "I had no reason to believe that Dennis was anything other than he represented himself to be."
Stephenson gave Wynn another $7,000 after Wynn promised him a $500 return in a couple of days on the principal. More than a year later, Stephenson eventually collected his $7,000, but without any interest. Stephenson said he has no reason to believe he will ever recover his initial $25,000.
Calls by the Deseret Morning News to Wynn's home were not returned by deadline Tuesday.
Fred Wagner, 46, West Valley, said he worked for Wynn for the past year as a business development manager. Wynn promised Wagner $5,000 a month for his work, but Wagner said Wynn has never paid him. In addition, Wagner said he gave Wynn $14,000 for a vehicle Wagner has never received.
According to court documents, six investors, including Stephenson, gave Wynn a total of $184,526, which Wynn used for personal expenses, payments to his companies and payments to family members.
Wynn failed to tell investors he filed for personal bankruptcy in 1989, that Wynn Co. had filed for bankruptcy in 2002, that Wynn faced more than $2 million in outstanding civil judgments and that the Internal Revenue Service had filed a $163,860 tax lien against all of Wynn's real estate in 2001, according to the Utah Division of Securities.
Wayne Klein, director of the division, said discussions are continuing over Wynn's surrender to authorities.
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