Edmund Edward Wilson, $10M Real Estate Investment Scheme, Salt Lake…

SALT LAKE CITY – Federal prosecutors have hit St. George’s Edmund Edward Wilson, 69, with a 32-count indictment for wire fraud and money laundering in an alleged $10 million real estate investment scheme.

According to the charges, Wilson ran a con through his company, Fountain Group of Companies of Utah, Inc., where he purported to finance U.S. real estate developments. He lured investors by promising returns on their advance fees—$80,000 or $150,000—through a program he called “Substitution of Collateral Program.”

Wilson’s scheme spanned from 2005 until around 2012, the indictment states. He falsely claimed to provide swift project financing and even promised tax forgiveness within 18 months, in exchange for investors’ stakes in the projects.

When investors pressed for their promised funds, Wilson spun tales of unforeseen fees, ensuring they believed more money was needed before any would be released. However, he never provided funding for development projects or used the fees for personal gain, according to the charges.

Wilson also claimed to have a wealthy Asian partner, “the General,” who could finance development projects. He promised that this financing was part of an agreement with the Department of Justice and FBI to bring money back into the U.S. as an “unofficial stimulus package.” Again, he deceived investors about his involvement in these foreign investments.

The indictment contains 19 counts of wire fraud and attempt and conspiracy to commit wire fraud, along with 13 counts of money laundering. Each wire fraud count carries a potential sentence of 20 years, while each money laundering count could lead to 10 years behind bars.