LEHI, Utah — Lehi police are investigating a local financial advisor who is accused of using client information to fraudulently take out loans for personal gain. Lance Hancock, 53, was arrested on February 4, 2025, after an extensive investigation revealed that he allegedly used a victim’s personal details, including a social security number and driver’s license, to apply for a payday loan.
The case began when a woman received a notice from a collection agency for a loan she didn’t recognize. Upon contacting the payday loan company, she discovered that her personal information had been used in an application without her consent. The documents showed that the copy of her driver’s license matched a photo she had sent to Hancock, a financial advisor with whom she had worked.
Court documents state that Hancock, who was reportedly a family friend of the victim, had taken out a loan for $2,500 in her name. The victim recalled that Hancock had frequently asked for financial assistance, citing his own financial struggles.
After the initial report, the Lehi Police Department (LPD) launched an investigation into the fraudulent loan application. Using subpoenas, investigators found that Hancock had created an email address mimicking the victim’s name. Further investigation revealed that the IP addresses linked to the application traced back to Hancock’s location, and the bank account used for the loan deposits was also in his name.
On February 4, Hancock was arrested and booked into the Utah County Jail on felony charges of forgery, identity fraud, and theft exceeding $1500. He was released from jail the following day, on February 5.
In a statement posted on social media, the LPD confirmed that the investigation is ongoing. Authorities are urging individuals who may have had financial dealings with Hancock or have concerns about any “questionable actions” on his part to come forward. The department is working to identify additional potential victims of Hancock’s alleged fraudulent activities.
Hancock now faces serious legal consequences as law enforcement continues to probe the extent of his alleged financial crimes. The case serves as a stark reminder of the risks of identity theft and the importance of protecting personal information.