NEWS BRIEF: Sentencing Lands Utahn in Federal Prison for 8+ Years with $13.8 Million in Restitution Due

His co-conspirator awaits trial on 12 May 2026

After pleading guilty, a Washington City, Utah man has been sentenced to spend 100 months in prison, with two years of supervision after his release, and pay restitution of nearly $13.9 million for his crimes.

After being charged in February 2025 with four counts of wire fraud, one count of wire fraud conspiracy, and one count of money laundering conspiracy, 66-year-old Thomas Paul Madden pled guilty in June 2025 to defrauding at least 200 investors of over $23 million.

According to a news release from the Utah Division of Securities, the Division "... investigated Madden and his partner, Jeremy Grabow, for allegedly defrauding victims nationwide, including those in California, Colorado, Nevada, and North Dakota."

Division Director, Robert Cummings stated that,

“Mr. Madden preyed on investors’ trust, promising high returns with little to no risk while knowingly concealing his significant disciplinary history and criminal past. This sentencing sends a clear message that the Utah Division of Securities, working closely with our federal partners, is committed to holding those who violate securities laws fully accountable.”

According to the United States Attorney General's Office (District of Utah), Madden was sentenced on 13 November 2025 to 100 months in prison, two years of supervised release and ordered to pay $13,860,988.56 in restitution.

According to the U.S. AG's Office, Madden originally pled "... not guilty to the six counts in the indictment."

{AUTHOR'S NOTE: A copy of the sealed indictment can be found here.}

Among other matters, the "... indictment allege(d) that Madden used his entity, Cascade IR, LLC, to defraud investors by making false representations and material omissions while, among other things, soliciting investments in penny stocks."

The indictment states that Madden's fraudulent activities date back to as early as September 2017.

Additionally, Madden (along with his alleged co-conspirator, Jeremy Tyler Grabow, 54, of Ladera Ranch, California), were also charged with using another firm, Savitar Systems, to

"... (make) false representations about Savitar's purported business partnerships, including Cabo Paradise, MGM, Datapod, and the Mexican lottery;"

The Utah Division of Securities news release further stated that, "Madden routinely offered investors stock, falsely claiming he had control over the shares and making false representations about the companies’ operations, financial performance, and future gains."

Publisher's Note 

This News Brief was originally published and distributed to our Subscribers at approximately 7:10am MT on Monday, 24 November 2025.

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