A Utah man is going to prison for nine years and will have to pay back millions after being convicted of a massive investment scam.
Posing as a Homeland Security Agent
Santiago Garcia Gutierrez pulled off two separate schemes between 2018 and 2024. In the first, he conned one investor out of over $2.8 million by pretending to be a confidential informant for the Department of Homeland Security. He claimed he could get them discounted prices on seized luxury items like cars, planes, and boats. To make it believable, he sent fake text messages that looked like they were from government agents and even his own lawyer. The luxury items, of course, didn’t exist.
Fake Oil Wells Scheme
Gutierrez also tricked eight other people into investing in federal oil wells, promising huge returns. He pocketed over $900,000 from this scheme, never sharing any profits with the investors and failing to pay the government the royalties he owed.
The Sentence
Gutierrez was found guilty of wire fraud, impersonating a federal officer, aggravated identity theft, and making false statements. His sentence includes nine years in prison and a hefty $3.7 million in restitution to his victims. He also has to forfeit $2.85 million.