Archive for August 9th, 2013

SEC: Utah Ponzi Schemer With ‘Loans’ Program Ripped Off Church Associates, Family Members, Friends, Seniors — And Some Of The Money Went To ‘Multilevel Marketing And Web-Based Advertising Business Opportunities’; Separately, Newspaper Reports Allegations Of Cash Handoffs To Investors In Parking Lots

SEC: Utah Ponzi Schemer With 'Loans' Program Ripped Off Church Associates, Family Members, Friends, Seniors -- And Some Of The Money Went To 'Multilevel Marketing And Web-Based Advertising Business Opportunities'; Separately, Newspaper Reports Allegations Of Cash Handoffs To Investors In Parking Lots

In the latest affinity-fraud scheme detected in Utah, an Orem man conducted a $4 million offering fraud and Ponzi scheme aimed at church associates, family members and friends, including senior citizens and the “recent widow of a church associate” whom he volunteered to help with finances after she lost her husband, the SEC said. Some […]