Utah man sentenced to jail for $ 850,000 investment plan

CHARLOTTE, North Carolina (ABC4) – A Utah man has been sentenced to 42 months in prison for orchestrating an investment program involving a mining and precious metals start-up.

In addition to serving a prison sentence, Andrew Malcolm Lovett, 60, a former resident of Cornelius, North Carolina, was ordered to serve a two-year sentence under judicial supervision following his release from prison and to pay more than 820 $ 000 in restitution, the US Department of Justice said in a statement.

According to court documents, Lovett defrauded more than 30 people from 2014 to 2016 out of nearly $ 850,000 by convincing them to invest in a young mining and precious metals company, Safari Minerals Inc., among other entities with whom Lovett was affiliated.

The victims were told that their money would be used to develop Safari and to develop various alleged mining projects. He told investors that Safari was “a young, emerging mining and exploration company” focused on acquiring developing properties in Nevada containing an abundance of gold, silver, metals from the group. platinum and rare earth elements, the DOJ said.

Officials also said Lovett misled investors about his experience as a businessman with knowledge in the mining industry and presented himself as “a man of faith”.

According to a press release, Lovett admitted in court to lying to investors about Safari’s progress and viability and has not told his investors about his criminal history, including his previous conviction for bank fraud.

Lovett redirected several hundred thousand dollars to thousands of dollars from Safari for his personal use to pay for rent, entertainment, and travel.

In March 2021, Lovett pleaded guilty to securities fraud and transactional money laundering.

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