Former Stake President, Regional Representative… and Scam Artist

Ronald-Dean-Udy_mugshot.400x800R. Dean Udy, 71, a former stake president and regional representative in Brigham City, Utah was sentenced to 1-to-15 years in state prison last week on securities fraud charges.  He pled guilty to a scheme that ran for 12 years or more.  According to the article in the Ogden Standard Examiner, “Udy’s victims total 1,500, with an estimated loss of $20 million.”

Prosecutors alleged that Mr. Udy  “traded on his positions in The Church of Jesus Christ of Latter-day Saints, which included membership in a stake presidency and as a regional representative in Box Elder County” to gain people’s trust.  “People felt Brother Udy would never do anything wrong.”

So what is the lesson here?  If anyone uses their church position (explicitly or not) to gain your trust in connection with an investment pitch — run for the hills. Don’t trust anyone just because they are a church leader or even  a church member.   Do your homework and check out the individual, the company and everyone connected with the potential investment opportunity on the Utah Division of Securities, FINRA and the SEC databases.

Mr. Udy first entered into a Consent Order with the Division of Securities in 2002, but that didn’t slow him down.  He was then charged criminally in 2005 and pled guilty to two felony criminal counts in 2007.  However, that sentence was held in abeyance for 36 months after he agreed to pay full restitution to his investors and to provide accurate information to the State about those investors. But that didn’t happen, and it took several years for the judge to lose patience with him and send him to jail.

In June a federal grand jury indicted him and his son, Cameron, for charges alleging they ran a $11.4 million in bank fraud in Las Vegas, and they face trial on that charge in October.

Copyright 2010 by Mark W. Pugsley.  All rights reserved.

13 thoughts on “Former Stake President, Regional Representative… and Scam Artist

  1. Sadly, Church Fraud is a very real concern, with potential risk from the outside as well as within. There are simple steps to increase the security of a church’s finances but it is difficult to know where to start. I recently found out about a Christian Accounting firm that offers online tools and support for churches. They have some excellent resources as well as an online questionnaire that will determine whether a church is at risk. Their service is called Weeds in the Garden.

  2. Udy ran a huge Ponzi scheme and the SEC dropped the ball by giving him a plea bargain. At the time, the SEC didn’t realize that it was a Ponzi scheme and had only considered it security’s fraud.

  3. The LDS Church does not leave much room for questioning
    Church authority. This lack of individual thought allows
    predators like this con man run unchallenged. Also the
    lack of oversight by the Attorney General who turns a blind
    eye to any con man who makes a donation or has political
    or religious connections which is the same thing in Utah.
    Even after conviction they are given such lenient sentences
    as to be a disgrace. The victims lives are destroyed but they
    run free living the good life thanks to Mr Schurloff and
    friends. Elect an honest Attorney General!!!

  4. I bought a home in Draper, Utah, across the street from the Draper Temple, which was still under construction. I bought from the owner, but it turned out the owner was an illegal alien that the Stake President, who owned a mortgage company. I was really dealing with the Stake President. I paid $50,000 cash down and the contract required them to keep the house payments current. They did not – they simply pocketed my money and when I questioned them they told me to give them another $50,000 and they would bring the loan current. I found out later that it would take $70,000 to bring the loan current – they were just going to steal another $50,000 from me. The house got repossessed and I lost my down payment. My attorney filed suit against those involved and the Stake President excommunicated me and fled to Argentina, where he came from, to get away from the law suit. I did nothing wrong – I lost $50,000 and got excommunicated. I don’t know what is written in my papers but I have not been able to get anyone to help me get back into good standing. If he is corrupt and will steal $50,000 then who knows what he would say in the papers he sent to the Church. There may not have even been a hearing on my matter – I don’t know. As far as I know the Church still has him working out of the country and he is thus protected, but probably not with the full knowledge of the Church. If he’ll scam me, he’ll lie to the Church officers. I want back into good standing – although I don’t think the action was recorded in heaven.

  5. Mr. Udy has been in prison for 72 mos. Everyone makes mistakes but this is unreasonable and his family is all but wrecked. Time to let this good man out and finish his life with his family. Decenber 16, 2016. Posted by a friend…..

  6. Mr. George Rolan, are you serious? He wreaked a whole lot of havoc in the lives of good people.

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