A Canadian citizen faces up to 20 years in a U.S. federal prison after his conviction on fraud charges by a federal jury in Salt Lake City.
Victor John Sifton, 47, Collingwood, Ontario, was convicted of five counts of wire fraud. The charges stem from a money lending scam run by Sifton and Jason Lawson, 45, a former Park City mortgage broker. Lawson pleaded guilty to wire fraud in 2009 and served an 18-month prison sentence.
The jury convicted Sifton late Thursday at the end of a four-day trial. Sentencing is set for Dec. 3 before Judge Dale A. Kimball.
The scheme involved six loans made to Lawson, mostly from former clients. Lawson had claimed he had borrowers for short-term loans who would pay a 15 percent rate of return, charging documents show.
On three of the six loans, Sifton offered the use of his mother’s name and condo in Vail, Colo., as collateral. He also used his bank accounts to receive and disburse scheme proceeds to Lawson, prior lenders, other debtors and for personal expenses, the charges said.
The scheme brought in more than $1 million.
Sifton also could be fined $250,000 per conviction.