Mark Ristow, who was also SUWA treasurer until he resigned this spring, is facing up to five years in a federal prison when he is sentenced Jan. 4 by a U.S. District judge in New Jersey.

Ristow pleaded guilty last month to one count of conspiracy to commit securities fraud and agreed to repay $2.85 million in ill-gotten gains.

Former SUWA trustee Bert Fingerhut, who also resigned this spring, was sentenced in August to two years in a federal prison for a similar crime.

Both schemes involved circumventing banking regulations designed to allow depositors a fair chance to purchase stock when a private bank goes public.

The defendants opened accounts at mutual savings banks throughout the country, including many accounts not in their own names, according to Securities and Exchange Commission press releases.

When a bank began converting to public ownership, the defendants secretly funded stock purchases, controlled the sale of the stock and retained most of the trading profits.

Fingerhut's scheme ran from January 1997 through January 2007; Ristow's was in play between 1994 and 2007, according to the SEC.

David Rosenfeld, associate regional director for the SEC, said the Fingerhut case was the largest in terms of the number of stock offerings by banks - 65 - and profits - more than $12 million - the commission has ever seen.

Ristow was involved in 23 bank conversions and made over $3 million in profits.

Despite the similarities in the two men's schemes, and the fact that both were SUWA associates, Rosenfeld said there are no allegations Fingerhut and Ristow were in cahoots.

Fingerhut, 63, of Aspen, Colo., was aided in his scheme by his nephew, Bruce Fingerhut, 38; a childhood friend, Robert Danetz, 62; and Danetz's brother, Stephen Danetz, 65, according to the SEC.

Ristow, 62, of Indianapolis, was aided by his cousin, Andrew Crabb, 41; and a sister-in-law, Susan Gitlin, 49, according to the SEC.

Robert Danetz pleaded guilty to conspiracy to commit securities fraud and is serving 18 months in a federal prison.

The others who aided Fingerhut and Ristow were named in civil complaints filed by the SEC and have agreed to repay their profits from the scheme and pay civil penalties ranging from $75,000 up to $150,000, according to the SEC.

SUWA director Scott Groene said Ristow "did an enormous amount of volunteer work for the Colorado Plateau. This is an unfortunate situation. We are certainly sorry for the pain this must be causing him and his family."

SUWA advocates for wilderness preservation, primarily in southern Utah.

Groene said Ristow had been a SUWA trustee for about 20 years, and was treasurer for most of that time. Fingerhut served on the SUWA board for 18 years, Groene said.

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