Cedar Hills mayor accused of $2M investment scheme; city officials resign

Written By: admin - May• 03•12

KSL.com

CEDAR HILLS — The resignation Tuesday of three Cedar Hills city officials energized a coalition of residents to keep digging in its pursuit to also oust Mayor Eric Richardson over the management of city finance.

"This is a tangled web," said coalition member Ken Cromar. "Lots and lots of money is involved."

Adding to the controversy enveloping this Utah County community is Richardson being named in a federal complaint filed Wednesday that accuses him and a partner soliciting more than $2 million in investments through an unregistered equity firm.

Through their company, Bentley Equities, Richardson and Christopher D. Hales collected more than $1.1 million from 38 participants in a commodity futures trading pool and individual investment accounts. They misappropriated at least $557,000 for personal use, including food, clothes, cars, utilities and credit card payments and $71,000 to pay clients in a Ponzi scheme, according to the complaint.

For complete story & VIDEO see… http://www.ksl.com/?nid=148&sid=20242041&title=cedar-hills-mayor-accused-of-2m-investment-scheme-county-officials-resign&s_cid=featured-1

 

See also Daily Herald May 2, 2012 FRONT PAGE story…

After resignations, some Cedar Hills residents want mayor out

Questions only grew on Wednesday about why the city manager, city recorder, and zoning official for Cedar Hills suddenly resigned on Tuesday, as a faction of residents called for the mayor's resignation.

The chief confusion over the unexpected political drama — the latest headline for a city which has become famous for political drama — comes from a statement released by city manager Konrad Hildebrandt after his resignation, saying he left his $155,000-a-year job out of concern for legal fees the city was spending in his defense.

Read more: http://www.heraldextra.com/news/local/north/cedar-hills/after-resignations-some-cedar-hills-residents-want-mayor-out/article_5c1e6191-7ce1-5479-a426-65d37cb14dc3.html#ixzz1tpvzGNRW

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