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SALT LAKE CITY — A Salt Lake man has been charged with taking nearly $700,000 from investors through securities sales and spending it on alcohol, drugs, pornography and designer clothing.
Terry Jordan O'Daly, 34, was charged Thursday in 3rd District Court with five counts of securities fraud, three counts of communications fraud, two counts of money laundering and engaging in a pattern of illegal activity, all second-degree felonies.
O'Daly ran a company called O'Daly Tech Development LLC. He is charged under the Utah Uniform Securities Act with selling investment opportunities to at least 11 people between 2023 and 2024 for about $695,000.
"The investment opportunities O'Daly sold were investment contracts wherein investors would provide their investment payments to O'Daly, and he would subsequently invest the proceeds into equities via a brokerage account at Charles Schwab on behalf of the investors for a profit," according to charging documents.
However, "an investigation revealed that O'Daly obtained investor funds under false pretenses and utilized investor funds in a manner inconsistent with the representations made during the offering, including, but not limited to, paying himself, purchasing pornographic content, alcohol, cannabis, designer clothing and covering O'Daly's personal expenses," the charges allege.
Prosecutors say O'Daly lied to investors about being a successful stockbroker, that he was licensed to offer investment opportunities and that the investments were FDIC-insured, according to the charges.
"O'Daly has never held a securities license," the charges say.
