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Home Community Discussion BoardsBulletin BoardOff TopicDorota Dyman & Associates Real Estate Centerville Real Estate Developers Guilty of Fraud

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Marco Muller

Joined: Nov 28, 2013
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Country: Germany
Province/State: Bayern
City: Munich
Dorota Dyman & Associates Real Estate Centerville Real Estate Developers Guilty of Fraud
Nov 28, 2013

SALT LAKE CITY -- Two Centerville real estate developers were found guilty of fraud for stealing thousands of dollars from investors.

In 2011, Allan Bruun and James Did Erickson of Equity Partners were charged with dozens of felony theft charges after it was discovered that they stole nearly $240,000 from their investors.

After a two-week trial at the 3rd District Court of Salt Lake City, a jury found the two men guilty, according to a release from the Utah Attorney General's Office.

In 2007, Bruun and Did Erickson bought 29 acres of property in Saratoga Springs for $3.5 million along with investors to form Tivoli Properties. They received $750,000 for development and were obligated to make $10,000 payments back to the investors each month, according to court documents

Over a period of six months, the pair wrote 28 checks for their personal use and their other real estate projects, without the knowledge or consent of their business partners. In total they were found guilty of stealing $240,577. After the monthly payments stopped, the investors discovered their money was gone, according to the Office.

About half of the Tivoli properties was foreclosed on, causing the investors to lose even more money.

The two men were arrested and charged after an investigation by the Attorney General's Office.

A sentencing hearing is scheduled for Jan. 17. The duo could face one year to 15 year terms in prison for their second degree felony charges, along with paying restitution back to their investors.

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