Val Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.

Val Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.At a Dec. 16 parole hearing for the 63-year-old, victims of his financial programs said they lost homes and millions in retirement funds in what has been described as one of Utah's largest Ponzi schemes.A rationale sheet used by the board shows it factored in more aggravating factors than mitigating factors in reaching its decision.