Mortgage fraudsters, crooked brokers, Ponzi schemers and assorted financial villains will soon get their own hall of shame in Utah as the state prepares to launch the US’s first white-collar crime database.
The state’s legislators passed a bill on Wednesday to set up an official registry of financial criminals similar to the registries for convicted sex offenders. Governor Gary Herbert has indicated he will sign the bill into law.
Mormons, who make up 62% of the state’s population, are particularly vulnerable to white-collar fraud because of the personal relationships and culture they share, said legislators.
In a statement the bill’s chief sponsor, representative Mike McKell, described Utah as a “hotbed for financial fraud”. “Many people in our state have trusting relationships with those who take their money in multimillion dollar schemes, and many times those particular people have already been convicted of financial crimes,” he said.
Utah attorney general Sean Reyes said the state is “sadly known for its high level of financial vulnerability to affinity fraud”, crimes where fraudsters use personal relationships to scam their victims.
“Utah’s unique personal interweavings and close relationships offer a rich environment for predatory behavior and financial crimes in our state,” Reyes said in a statement.
“We trust those in our neighborhoods, in our churches, in our social circles and in our professions. While in many ways trust is a healthy community trait that fosters social strength and business success, it also leaves our citizens quite susceptible to those who would exploit that trust,” he said.
The online registry will contain the offenders’ names and aliases, a recent photograph, a physical description and a list of their crimes. The information will stay online for 10 years or for life if the person is convicted of a third offence.
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