Tag: Utah Ponzi schemes
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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…
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BULLETIN: Already Jailed, Utah Ponzi Schemer Ordered To Pay More Than $18 Million; United States Extradited Jeffrey Lane Mowen From Panama And Charged His Pitchmen
BULLETIN: Utah Ponzi schemer Jeffrey Lane Mowen has been ordered by a federal judge to pay more than $18 million in a civil case that sparked a criminal probe and resulted in allegations that Mowen had hatched a murder-for-hire plot from a U.S. jail after he was extradited from Panama in 2009. The FBI worked…
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6 Pitchmen Who Raised Funds Plowed Into Jeffrey Mowen’s Ponzi Sanctioned By SEC On Heels Of Long-Running Lawsuit; Alleged Offering Fraud’s Advertised Monthly Payout Rate 20 Times LOWER Than JSS Tripler/JustBeenPaid
UPDATED 7:43 A.M. ET (MARCH 9, U.S.A.) If ever there has been a cautionary tale for HYIP pitchmen, it is Jeffrey Lane Mowen’s Utah Ponzi scheme. Mowen and at least six promoters ended up inspiring litigation on multiple fronts, with Mowen charged criminally. At issue was Mowen’s Forex Ponzi scheme, which allegedly was funded in…
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BULLETIN: SEC Alleges ‘Payday Loan’ Ponzi Scheme In Utah; Second Major Ponzi Case Brought In State In Two Days; Schemes Attracted Almost $75 Million
BULLETIN: The SEC has gone to federal court in Utah to halt what it described as a $47 million “payday loan” Ponzi scheme and offering fraud in which investors were lured by the prospect of “extraordinary returns” while the alleged operator diverted large sums of cash to himself and other business interests. The payday-loan Ponzi…
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Spectacular Ponzi Scheme Alleged In Utah By SEC; Attorney Who Didn’t Do Homework Helped Fraudster Grease Money Wheel By Calling Investment ‘One Of The Best He Had Ever Seen,’ Agency Says
EDITOR’S NOTE: If you’re an autosurf or HYIP promoter — or a person who is accepting fees for driving business to an investment opportunity based on assertions you cannot independently verify to be truthful — the story below should be instructive. It perhaps will be particularly instructive if part of your fraud game plan is…
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OFFICIALS: Ponzi Schemes, Investment Fraud Have Led To Staggering Losses In Utah; Hundreds Of Potential Perpetrators Identified
UPDATED 8:38 P.M. EDT (U.S.A.) Recent Ponzi schemes and cases of investment fraud have cost Utah residents an estimated $1.4 billion, the FBI said today. About 370 investigative “subjects” — defined as “potential perpetrators” in current cases — have been identified, and the agency and its law-enforcement partners have embarked on a public awareness and…
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Utah Ponzi Auction Features Wildebeest, Hyena, ‘Full Body African Lion,’ Other Exotic Animals; Event Expected To Draw Large Crowd And Help Recover Some Losses
America’s Ponzi culture now has spawned a taxidermy auction from “assets recovered in one of the largest alleged Ponzi fraud cases in Utah,” according to website of the auctioneer. Among the items up for bid are a “full body African lion,” Cape Horn buffalo, African antelope and hyena, wildebeest and other exotic animals. Forty-three firearms…