Criminal charges have been filed against Dale Allen Jones, former president of the fallen Monarch International Holdings, for taking money from investors for a non-existent mutual fund, according to US Fed News.

Jones turned himself in to the Salt Lake City Jail on Wednesday and was charged with one felony count of securities fraud and one count of theft.

Jones asked for $20,000 from an investor back in October, promising to return $60,000 within 30 days. He also said that the investment was with Vanguard Financial Security Corp. and that it was 100% guaranteed.

However, the money was actually placed in Monarch's bank account and was used for the firm's business expenses and Jones' salary.

The investor took out a loan for the $20,000 investment, and has since the filed for bankruptcy.

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