Financial Advisor Arrested for Loan Fraud, Police Seek More Victims

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Lehi police are urging potential victims to come forward following an extensive investigation into an independent financial advisor accused of using client information to secure personal loans.

The case came to light when a local resident reported receiving a collection notice for a payday loan they never applied for. The individual, confused by the debt, contacted the lending company and discovered that their Social Security number and driver’s license had been used in the application process.

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Upon reviewing the documents, the victim recognized that the copy of their driver’s license had previously been sent to a financial advisor they had worked with in the past.

Investigation Links Financial Advisor to Fraudulent Loan

Authorities identified the suspect as Lance Hancock, 53, who allegedly used the victim’s personal information to obtain a $2,500 loan. The probable cause statement revealed that Hancock was a family acquaintance of the victim and had frequently asked for financial help due to his reported money struggles.

Further investigation by Lehi Police uncovered a suspicious email address that closely resembled the victim’s name, which was allegedly created by Hancock. Subpoenas issued during the inquiry linked the fraudulent loan application to IP addresses associated with Hancock. Additionally, the bank account where the loan funds were deposited was found to be in his name.

Arrest and Ongoing Investigation

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On February 4, Hancock was arrested and booked into Utah County Jail on multiple felony charges, including forgery, identity fraud, and theft exceeding $1,500. He was released the following day.

Lehi Police have since issued a public statement asking individuals who have had financial dealings with Hancock to come forward if they suspect any questionable transactions. Authorities continue to investigate the case and are working to determine whether additional victims may be involved.

Anyone with concerns related to Hancock’s financial activities is encouraged to contact Lehi Police.

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