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Oct 10, 2011 7:37 PM by Trovette Tottress

Utah man gets 41 months in Ponzi scheme

DENVER (AP) - A federal judge sentenced a Utah man to 41 months in prison for running a Ponzi scheme that targeted 79 residents of the Four Corners area.

The Durango Herald reports  that Frederick H.K. Baker was sentenced Friday after pleading guilty this summer to two counts of wire fraud and conspiracy. Federal prosecutors said Baker and Mark Akins, a former Durango resident, took in $1.7 million in the scheme, which began in 2006. Akins faces a 49-count indictment claiming he marketed Baker's scheme to unwitting investors. His trial is scheduled Jan. 3.

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