May 23, 2014

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah


Martin Plaehn

Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

In the Lab

Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

A Breath of Fresh Air

Worst-Case Scenario

Regional Report
Northern Utah

Measure Up

Industry Outlook
Travel & Tourism



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.

Utah Business Social
UB Events View All
Twenty in Their 20sUtah Business Event
Nov 5, 2015
Meet the young and ambitious professionals who are taking the business world by storm! The honore...
Sustainable Business Awards Utah Business Event
Nov 19, 2015
Utah Business magazine is pleased to announce the Utah Sustainable Business Awards. This program ...
Sustainable Business Awards 2015 - NOMINATIONS OPEN IN JULY 2015Utah Business Event
Nov 19, 2015
Utah Business magazine is pleased to announce the 2015 Sustainable Business Awards! This program...
Community Events View All
Salt Lake City Sales Hiring Event
Oct 13, 2015
Salt Lake City Professional Career Event - Sales & Management Specific HireLive is a national ...
Moab Dancing with the Stars
Oct 16, 2015
Dancing with the Moab Stars, Moab Valley Multicultural Center's annual event and fundraiser, is g...  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
* Event Description: