The Church is Troo but some of the members aren't- famous last words, these are jsut the ones I found recently..if you have any to add - please do.
We all know who the biggest MLM scammer of all is.
Val Southwick Ponzi Scheme - Bishop
Shawn Merriman Ponzi Scheme- Bishop
Anthony Vassallo "In California, the SEC said Vassallo told investors, many of whom he met in church, that he had developed a software program that allowed him to buy and sell options that generated profits of 3.5 percent a month with little risk."
Kleenmaid collapse - " What's more, chairman Andrew Young and his brother Brad were Mormons and that added to their image as upright and ethical members of the community."
Mortgage Fraud - Sentenced were Bradley Grant Kitchen of Provo, David R. Bolick of Sandy, Steve Wells Cloward of Orem, Ron K. Clarke of Provo, and Jeffery David Garrett of Provo.......... The men were indicted by a federal grand jury in 2007 on charges they conspired to create a multimillion dollar mortgage fraud scheme involving a Utah County development that was originally thought to total $18 million in fraudulent loans.
Ted James Johnson Jr-
Investors believed in Giles County businesses
People who gave money to Ted James Johnson Jr. said he seemed to know what he was doing......It was not the cost but the deceit that bothers him, Charles Wayne Gentry said gently from the witness stand Thursday in federal court in Roanoke.
He'd gathered his savings, sold his house and store and counseled his wife and brother-in-law to put in their inheritance -- $724,000 in all -- only to see the money disappear in the collapse of Mountain Investments and Dogwood Farms, two businesses run by a pair of Giles County financial advisers indicted last year on 42 charges tied to securities fraud....
Johnson's investors included fellow Mormons from Giles County and beyond, teachers and university professors, and businessmen.
A major Utah investment fund has collapsed, leaving more than 268 creditors owed $168 million.
Of that total, investors in the Waterford Loan Fund from Utah and 19 other states are owed $100 million, according to preliminary figures compiled by a contract manager for the company and attorneys. Assets were listed at $40 million.
Leticia Avila -
"Leticia Avila used her LDS Church connections and the promise of cooperation from a high-ranking immigration official to con $4,000 apiece from undocumented immigrants attempting to get legal visas, according to more than two dozen affidavits from victims.
Many of the alleged victims say what is most upsetting is that they were betrayed by someone who preyed on their religious faith. They trusted Avila because she was a fellow member of The Church of Jesus Christ of Latter-day Saints Spanish-speaking branch in Millcreek. In some cases, it was a local church leader who suggested they talk with Avila about becoming legal. "
"Federal prosecutors on Tuesday accused an Alpine man of defrauding investors in a multimillion dollar real estate scheme.
U.S. Attorney Brett Tolman said Rick Koerber collected more than $100 million from investors but spent much of it on expensive cars, restaurants, movie making and his own housing. Tolman announced a three-count indictment of Koerber on Tuesday.
The number of victims, most of whom live in Utah, could be in the hundreds, said Tolman. But investigators have yet to determine which of Koerber's investors are "purely victims" and who may have "facilitated the crime," he said.
Koerber, who dubs himself a "Capitalist, Mormon, Dad" on his Web site, could not be reached for comment Thursday. Koerber was an ardent backer and donor to the school voucher movement in 2007. "
New York Times article on Daren Palmer, faithful Mormon in Idaho Falls, who agreed this week to plead guilty in a $78 million dollar scheme where he conned his family and his fellow Mormons.http://is.gd/inUQmH
SALT LAKE CITY -- A Lindon man suspected of orchestrating a Ponzi scheme and defrauding investors out of more than $18 million pleaded guilty to wire fraud in federal court on Thursday.
Jeffrey Lane Mowen, 48, entered the plea as part of a deal with federal prosecutors. In exchange, prosecutors dropped two additional charges of wire fraud, as well as charges of solicitation to commit a crime of violence, tampering with a witness and retaliating against a witness.
Melodie Rydalch, a spokeswoman for the U.S. Attorney's Office in Utah, said though Mowen will be sentenced later, his penalty has already been determined.
Wayne Ogden from Ogden, Utah. Active LDS at time of multi-million dollar ponzi scheme.
The U.S. Securities and Exchange Commission filed a securities fraud lawsuit last month against Salt Lake City-based Art Intellect Inc. and its three principals, Patrick Merrill Brody, Laura A. Roser, and Gregory D. Wood.
In its original complaint, the SEC says Art Intellect, which operates under the name Mason Hill, collected more than $2.5 million from about 75 investors since April, 2009. The company reportedly claimed that the funds would be used to buy and rehabilitate distressed real estate in Ohio, Florida, and Kansas, and that the company would find renters for each of the properties. The properties were not identified in the lawsuit.
Investors, who were allegedly asked to submit a deposit of $20,000 per property, reportedly were promised returns of 10 percent to 30 percent, with monthly net rental profits of $650 to $1,000.
However, the SEC alleges that the funds were used for Mason Hill's operating expenses, as well as to pay for "lavish trips" and personal expenses for Mr. Brody and Ms. Roser. Funds from later investors also were reportedly used to buy properties and make payments to earlier investors.
n March 23, 2011, it filed a complaint against Mike Watson Capital, LLC, a company based in Provo, Utah. The SEC also named Michael P. Watson, a resident of Mapleton, Utah, and Joshua F. Escobedo, a resident of Spanish Fork, Utah as defendants. According to its press release the SEC has alleged that Watson and Escobedo “raised more than $27.5 million from more than 120 investors through Mike Watson Capital’s issuance of promissory notes… Watson and Escobedo told investors that returns were generated by real estate investments, and backed by substantial equity and cash flow produced by company properties. In reality, the properties never generated sufficient income to cover investment interest or redemptions, and therefore investor returns were paid primarily from new investors’ funds.” The SEC alleged that the company owes more than $19 million in unpaid principal and interest on its promissory notes to investors, its real estate portfolio has tanked, and commercial banks have foreclosed on at least nine properties. This one looks pretty grim for the people who initially invested $27 million of their hard-earned money with these two Utah County guys -
A Hyde Park man has been accused in federal court of orchestrating a Ponzi scheme under the guise of an online payday loan company.
The Securities and Exchange Commission on Friday filed a complaint in U.S. District Court against John Scott Clark, 58, and his businesses, Logan-based Impact Cash and Impact Payment Systems. The SEC alleges that between March 2006 and September 2010, more than $47 million was raised from 120 investors who were promised lavish returns for funding payday loans.
According to the complaint, Clark sold securities through both companies that totaled $47 million. About $4 million of that allegedly was raised for equity investments in the companies, while the rest came from investors who agreed to provide capital to the companies for payday loans.
Raymond P. Morris, 42, of Draper, conducted an unregistered offering and operated the Ponzi scheme “at least” between March 2007 and January 2009. The scheme defrauded “at least 90 investors” and was a Ponzi out of the gate, the agency said.Three other Utah men, including attorney Luc D. Nguyen, 40, of Draper, helped the fraud spread by conducting no due diligence, recklessly repeating assertions made by Morris as though they were truthful and coming up with their own lies to drive money to the scheme, the agency alleged.Also charged were James L. Haley, 49, of Draper, and Jay J. Linford, 49, of Orem.
PROVO - The aftermath of a massive Ponzi scheme that may have affected hundreds in Utah County has turned into a nasty tangle of overlapping court cases.
The questions are as basic as who is a victim and who is a perpetrator. And the answers likely won't come any time soon.
Prosecutors last October secured a temporary restraining order from 4th District Judge Fred Howard freezing over $2 million in assets belonging to several people connected with the California payday lending company Money & More.
Prosecutors in April filed an array of securities fraud and money laundering charges against five people: Larry O. Bosh, of St. George; D. Shawn Benson, of Ivins, Washington County; Michael J. Smith, of Mona, Juab County; David Q. Poulsen, of Salem; and Gale Robinson, of San Jacinto, Calif., the owner of Money & More.
SALT LAKE CITY (AP)-
A Utah money manager accused of running a multimillion-dollar Ponzi scheme has pleaded guilty to a federal wire fraud charge in exchange for a 10-year prison sentence.
Jeffrey Mowen entered the plea in Salt Lake City's U.S.
udge Dee Benson set sentencing for April 15.
As part of the plea agreement, Mowen will forfeit any assets gained from the scheme, including 29 cars that were not sold at public auction.
Defense attorney Stephen McCaughey says in exchange for the plea, prosecutors agreed to drop a murder-for-hire charge.
Prosecutors contend Mowen defrauded investors of millions of dollars and tried to arrange the killing of four witnesses. He was arrested last April in Panama.
SEC: Two Utah County Men Ran Ponzi Scheme
Ballard Spahr partner Brent R. Baker is representing one of two Utah men accused in federal court of running a $27.5 million Ponzi scheme. Mr. Baker's client is accused of posing as a broker for a Provo-based business, according to a complaint filed by the Securities and Exchange Commission.
Mr. Baker said his client wasn’t aware that the business was running a Ponzi scheme and has been cooperating with the SEC investigation. He "is looking forward to putting this behind him," Mr. Baker said.
Utah Ponzi Scheme Revealed
His name is John Scott Clark, and according to the Securities and Exchange Commission, he’s a Ponzier. The Utah man and his two funds, Impact Cash and Impact Payment Systems, scored $47 million from gullible investors, including three hedge funds that should have known better.