A Saratoga Springs man will spend two years in prison after being convicted of operating a securities fraud scheme, the United States Attorney’s Office for the District of Utah announced in a news release Wednesday.

Jacob Welch Dalton, 28, duped approximately 45 investors in a securities fraud scheme by receiving investments from people that he knew personally or via social media, according to the release.

Dalton previously pleaded guilty to the offense on Sept. 30, 2024. The sentencing was delivered by the U.S. District Court Judge Jill N. Parrish, the release stated.

According to court documents and statements made during Dalton’s change of plea and sentencing hearings, the fraudulent acts took place between October 2022 and December 2023 when he misled investors into buying securities in his company, Rogue Liquidity LLC.

Documents go on to explain that as part of the scheme, Dalton provided falsified documents and dishonest information regarding said company, including fictitious investor track records to the investors in efforts to encourage increased funds both by telephone and electronically.

“Dalton lied to investors about Rogue Liquidity, LLC, and its success by claiming it operated as an investment liquidity fund that pooled investor funds for guaranteed risk free return on principal and investment of up to 60%,” the release noted of the court’s findings.

However, the company did not have a liquidity pool and the investors’ funds were largely for his personal use, according to the release.

In addition to imprisonment, Dalton will also face three years of supervised release and has been ordered to pay a restitution fee of $1,553,806.

The sentencing was announced by acting U.S. Attorney Felice John Viti of the U.S. Attorney’s Office for the District of Utah, with Assistant U.S. Attorney Mark E. Wolf serving as the case prosecutor.

The Utah Division of Securities and the FBI Salt Lake City Field Office’s Provo Resident Agency worked jointly in the investigation.