May 23, 2014

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Securities Commission Grants $15,000 Whistleblower Award

Press Release

May 23, 2014

Salt Lake City – The Utah Securities Commission has approved its first ever whistleblower award, $15,000 to St. George financial advisor, LaMond Syphus, for his actions in reporting investment fraud to Division of Securities investigators which resulted in criminal charges.

Syphus told Division investigators that a potential client, a recent widow, had come into a large sum of money. Based on his conversations with her about Richard Loveday, Syphus concluded that the woman was a target of fraud. Loveday, a Canadian national, convinced the woman to give him payments totaling $100,000 by claiming he would invest her money in a safe place with high returns. Investigations showed that he spent the sum on personal expenses instead. Loveday currently faces felony criminal charges for securities fraud, theft and communications fraud.

“The Securities Commission applauds the actions of LaMond Syphus whose keen instinct led him to contact division investigators with concerns about this widow’s investment,” said Erik A. Christiansen, chairman of the Utah Securities Commission. “We rely on our securities licensees statewide as the first line of defense in assisting the Division of Securities in their fight against financial fraud.”

Senate Bill 100, the Securities Fraud Reporting Program Act, passed during the 2011 Utah Legislative General session. The statute created a reward program for individuals who provide original information to the Division of Securities that leads to a successful enforcement action for securities fraud or other violations of Utah’s securities laws. If the enforcement action leads to the collection of monetary sanctions over $50,000, the reporter may be entitled to a reward of up to 30 percent of the amount collected in the case.

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