A Duchesne man was charged this week in 3rd District Court for allegedly scamming investors with the claim he could build thermal mass homes when he made no actions and lacked the qualifications to do so. Court documents show that the investigation done by the Utah Department of Commerce Division of Securities found that Daniel Fuller Faust was found in violation of the Utah Uniform Securities Act and related criminal statutes. In 2019 and 2020, Faust offered and sold investment opportunities to at least 2 Utah residents and collected at least $124,523 dollars as investment contracts and promissory notes. It was revealed that Faust utilized investor funds in a manner inconsistent with the representations made, using the funds for personal expenses instead. The investigation found that Faust had “never held a securities license or a general contractor’s license” and “Faust Homes is not and has never been a registered business entity with the Utah Division of Corporations” although it “purports to be in the business of constructing Thermal Mass Homes…for a fraction of the cost and in a fraction of the time it would take to build a more traditionally constructed home.” Investigators stated that Faust made false statements to the investors, including that he had a PhD in Physics from the University of Utah when, in fact, he does not. He is charged with 2 counts of Felony Securities Fraud and is scheduled for an initial appearance in court on September 7th.
