A Lehi man admitted in federal court Monday to participating in a Ponzi scheme that defrauded  hundreds of investors of more than $60 million. 

Matthew Morrison Bates, 42, pleaded guilty to conspiracy to commit wire fraud and money laundering at the Orrin G. Hatch United States Courthouse in Salt Lake City.

He was charged by the U.S. Attorney’s Office, District of Utah, on Sept. 30.

Federal prosecutors said in a news release that the scheme began in or around May 2020 and continued through June 2025. Bates and other individuals falsely promised investors that Bates’ company, Hedgehog Investments LLC, would use short-term promissory notes to extend “bridge loans” to companies seeking financial assistance, according to prosecutors.

“Investors were promised significant returns would be generated as the ‘bridge loans’ were repaid by recipient businesses,” the U.S. Attorney’s Office said.

Instead, Hedgehog Investments did not extend any “bridge loans” and any investor returns were paid with new investor funds to give a false appearance of profitability, according to the news release.

Bates is scheduled to be sentenced at 11 a.m. Jan. 12, 2027, at the Orrin G. Hatch United States Courthouse in Salt Lake City.