LOGAN — A Logan man is accused of defrauding investors in a scheme, including a woman in her 80s from whom he took hundreds of thousands of dollars, authorities allege.
Thomas Fairbanks, identified as the founder and CEO of SupplyLine Partners, has been named in a five-count indictment filed in U.S. District Court. Fairbanks, 66, is alleged to have earned the trust of a vulnerable adult by offering to assist her with investment and financial advising and diverted at least $462,000 of her money for personal use.
In 2015 and again in 2017, according to the indictment, Fairbanks opened joint personal checking and savings accounts with the alleged victim to help her manage her finances and write checks. It’s alleged that Fairbanks then used his other defunct business interests to receive the misappropriated funds.
The indictment states Fairbanks also sold investment opportunities to a Utah couple for $45,500. Fairbanks assured these victims a 6% annual return and that all funds would go to SupplyLine’s lending capital — which was allegedly not the case. The investment contracts are securities, though the indictment alleges SupplyLine was never registered to issue securities.
According to a press release from the Department of Justice, assistant U.S. attorneys from the U.S. Attorney’s Office are prosecuting the case, and the Utah Division of Securities along with special agents of the FBI are investigating it. Fairbanks is charged with two counts of wire fraud, two counts of securities fraud and one count of money laundering. He 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.
Indictments are not findings of guilt, and as with anyone accused of a crime, Fairbanks is presumed innocent until proven guilty.
Fairbanks will make his initial appearance in federal court Dec. 5 at 10:15 a.m.