SALT LAKE CITY (ABC4) — A Belgian man who owned a business in Utah has been sentenced to prison after he admitted to running a $5 million Ponzi scheme that targeted "smaller" investors.

Kenny Van Der Spek, 36, pleaded guilty to securities fraud, wire fraud, and money laundering. He was sentenced to 5 years in prison, and once he is released, he will serve three years of supervised release. He also must pay over $4 million in restitution to victims and forfeit property in Martinsville, Virginia and Spanish Fork.

According to a press release from the U.S. Attorney's Office District of Utah, Van Der Spek defrauded 75 investors and spent at least $3 million on real estate, a personal chef, a new 2022 Chevrolet Corvette, and online gambling.

His business was K & K Strategies, LLC, which he a

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