A Cache Valley man accused of defrauding investors in an alleged scheme pleaded not guilty to all charges on Thursday.

In his initial appearance in federal court on Nov. 5, Thomas Fairbanks, 66, pleaded not guilty to two counts of wire fraud, two counts of securities fraud and one count of money laundering.

According the court minutes, Magistrate Judge Dustin B. Pead appointed a federal public defender and ordered Fairbanks to be released with pretrial conditions.

A five-day jury trial was scheduled for Feb. 10, 2020.

Fairbanks faces 20 years in prison for each charge of wire fraud, five years for each charge of securities fraud and 10 years for the charge of money laundering.

According to an indictment filed in U.S. District Court, Fairbanks is accused of earning the trust of a vulnerable adult by offering to assist her with investments and diverting $462,000 for personal use. He is identified as the founder and CEO of SupplyLine Partners.

According to the indictment, Fairbanks allegedly opened joint personal checking and savings accounts with the victim — who is in her 80s — and used defunct business interests to receive misappropriated funds.

The indictment states Fairbanks sold investment opportunities to a Utah couple for $45,500. Though the investment contracts are securities, the indictment alleges SupplyLine was never registered to issue securities.

Indictments are not findings of guilt, and as with anyone accused of a crime, Fairbanks is presumed innocent until proven guilty.

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