Financial adviser gets 7 years in prison in fraud case
SALT LAKE CITY (AP) — A 65-year-old Utah financial adviser who pleaded guilty to fraud and tax evasion charges has been sentenced to seven years in prison and ordered to pay $12 million in restitution.
A federal judge in Utah handed down the sentence against Henry Brock Monday.
From 2009 through 2017, Brock was the president of the Mutual Benefit International Group, a financial services company operating primarily out of St. George.
He pleaded guilty in April to earning more than $10.8 million by selling investors on a fraudulent tax scheme that promised to avoid certain taxes. The plan relied on passing business expenses through one of his company’s subsidiaries and allowing clients to write off the loss on their individual tax returns.
As result of the scheme, prosecutors say Brock’s clients filed fraudulent tax returns claiming roughly $3.8 million in bogus business losses.