State v. Wallace

OPINION

DAVIS, Judge:

¶ 1 Gerald Steven Wallace appeals his conviction for various violations of the Utah Uniform Securities Act (UUSA). See Utah Code Ann. §§ 61-1-1 to -30 (2000 & Supp. 2002). We affirm.

' BACKGROUND

¶ 2 These criminal proceedings arise out of a Ponzi scheme called “The Program.” 1 Defendant learned of The Program from A1 Anderson and Paul Stewart. Stewart claimed to be able to earn commissions by facilitating money transfers from banks with surplus cash reserves to banks with insufficient cash reserves. To facilitate these transfers, however, Stewart asserted that he needed to…