SALT LAKE CITY — A Mexican man who defrauded investors in a $1 million Ponzi scheme while residing in Utah was sentenced to time served and handed over to deportation officials last week.
Christian Montiel-Caleit, 45, was living in West Valley City when he was arrested on Jan. 29 after being indicted by a federal grand jury. He was accused of securities fraud, wire fraud, money laundering and illegal reentry of a previously removed alien.
Beginning in 2021, Montiel-Caleit fraudulently obtained funds from investors by promising high returns. The funds for the returns, however, came from newer investors and by December 2024, investors were no longer receiving their returns as promised, court documents state…