A federal grand jury in Salt Lake City has returned an indictment charging an Ogden certified public accountant with defrauding two clients of about $700,000.

M. Bradley Folsom is charged with one count of wire fraud, two counts of money laundering, and three counts of filing false income tax returns.

Folsom allegedly defrauded the clients by presenting a "tax planning opportunity" in the form of a shell company called Antelope Oil and Gas (AOG), which Folsom claimed was in the gas and oil business.

In December 2004, according to the indictment, Folsom caused the clients to transfer, by means of an interstate wire transmission, $700,000 to an account in the name of AOG.

In April 2005, Folsom used those funds to purchase a cashier's check in the amount of $116,485.98, with which bought real estate in St. George. Folsom also filed a false tax forms and tax returns, according to the indictment.

U.S. Attorney Brett Tolman said Thursday that Folsom promised the clients their payments to AOG would result in a tax reductions of approximately double what they paid.

"As we have cautioned on many occasions, individuals should exercise caution when presented with a scheme that sounds too good to be true," Tolman said. "Even when you are dealing with someone with professional credentials, investors need to very careful."

A summons will be issued to Folsom to appear for an initial court appearance.

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