Man jailed for allegedly scamming elderly woman out of $100,000

Posted at 4:42 PM, Mar 21, 2014

ST. GEORGE, Utah – An Alpine man has been booked into jail after he allegedly scammed an elderly woman living in St. George out of about $100,000 over the course of several months, and officials said they believe there are more victims out there.

Richard A. Loveday was booked into the Utah County Jail this week, and he was transported to the Washington County Jail where he is being held on a $100,000 cash only bail, according to a press release from the Utah Attorney General’s Office.

According to the press release, Loveday allegedly met his victim, an 88-year-old woman, at a health exposition in St. George. The man then arrived at her home unannounced and convinced her to give him $70,000 as an investment. The man promised a 14 percent return, a monthly income of $875 and a $15,000 bonus payment.

Loveday allegedly spent the money on himself and his family and then returned to the victim for an additional $30,000, which he secured after blaming her for authorities freezing his account after her acquaintance contacted the Utah Division of Securities.

Francine Giani, executive director of the Utah Department of Commerce, said she is grateful the man was caught.

“We applaud the AG’s office for their swift action against this swindler who preyed upon an 88-year old widow’s trust and stole $100K for his own selfish financial gain,” she stated in the release.

Utah Attorney General Sean Reyes stated in the release the arrest was a result of teamwork.

“We appreciate our strong relationship with the Utah Department of Commerce and, particularly in this case, the Division of Securities,” Reyes stated. “We continuously find the agency to be professional, thorough and effective. The fine investigative work done on Mr. Loveday created a compelling case for Jake Taylor and our office to file. We hope this will keep him away from additional possible victims.”

Authorities believe Loveday may have fraudulently represented investments to other victims in Utah, including other senior citizens. Anyone who believes they or their family members may have been victimized is asked contact the Utah Division of Securities at (801) 530-6936.