The administrators of a Utah college savings plan have settled with the Securities and Exchange Commission for issuing false and misleading information, though the fund's former director will be charged with misappropriating funds.

According to charges filed by federal investigators Thursday, the former director of the Utah Educational Savings Plan Trust, Dale Hatch, transferred more than $500,000 of investors' funds into his own plan accounts and then transferred $85,000 to his personal bank accounts.

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