5 ways fraudsters trick investors

Posted on November 24, 2014 by

This is a repost of an article by Matt Egan that appeared on CNN Money last week. NEW YORK (CNNMoney) Fraudsters use sleights of hand and other trickery that even magicians would be envious of.  Americans lose an estimated $50 billion a year to fraud, including Ponzi schemes, pyramid schemes and other types of investment fraud. “People fall for

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Scamworld: ‘Get rich quick’ schemes mutate into an online monster

Posted on November 3, 2014 by

This is a repost of an interesting article about online scams and get rich quick schemes I saw on The Verge. A network of pitchmen have used the internet and fear of a failing economy to play the ultimate long con By Joseph L. Flatley on May 10, 2012 10:32 am102 On a warm summer day in 2002,

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UPDATE: Robert Holloway Convicted of Wire Fraud and Tax Evasion

Posted on August 7, 2014 by

UPDATE: After several years of litigation the Robert Holloway case finally went to a jury yesterday after a week long trial in before U.S. District Court Judge Robert Shelby.  As reported by the Salt Lake Tribune, the jury found him guilty on on five charges, including four counts of wire fraud and one count of filing

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Repost: Affinity fraud continues to plague Utahns and Mormons

Posted on July 18, 2014 by

This is a great article by Donovan C. Baltich that appeared on July 16, 2014 in BYU’s newspaper The Daily Universe: The case of a Davis County man wanted for an alleged scheme that officials say took the life savings of Utah residents and brought in tens of millions of dollars shows the vulnerability of Utahns to

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TOP TEN WAYS TO AVOID LOSING MONEY IN A FINANCIAL SCAM*

Posted on July 10, 2014 by

Every week Utah residents lose money by investing with friends, family or neighbors – people they knew and trusted. Investment fraud is a big problem here in Utah, largely because our close-knit communities are a prime target for “affinity fraud.”  Our state has a long history of financial scams and Ponzi schemes, many of which

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SEC Releases New Alert on Affinity Fraud

Posted on June 30, 2014 by

Below is a new release from the Securities and Exchange Commission on affinity fraud: Affinity Fraud:How To Avoid Investment Scams That Target Groups What is an Affinity Fraud? Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. The fraudsters who

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UPDATE: Criminal Charges Against Rick Koerber Dismissed

Posted on June 23, 2014 by

UPDATE:  Five years after the initial indictment charging Rick Koerber with one of the biggest financial frauds in Utah history, last week United States District Court Judge  Clark Waddoups ruled that he will dismiss the case because federal prosecutors failed to follow speedy trial requirements.  This is a blow to the U.S. Attorneys Office’s efforts to

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First Ever Whistleblower Award Given to Utah Man

Posted on May 27, 2014 by

By Jared N. Parrish The Utah Securities Commission recently approved the first ever whistleblower award to a Utah man who provided information to the Utah Division of Securities which formed the basis of criminal charges. According to a Division of Securities press release, the Commission will pay $15,000.00 to a financial advisor in Saint George

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American Pension Services Lawsuit

Posted on May 13, 2014 by

On April 30, 2014 the Securities and Exchange Commission filed a lawsuit against a Utah-based company called American Pension Services, Inc. (“APS”) and alleged that the retirement plan administrator  defrauded investors.  This is not a Ponzi Scheme case (unlike many the SEC files in Utah) it is really about forgery and theft.   And it was not

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Guest Post: An Inside Story of Utah Fraud

Posted on November 18, 2013 by

Editor’s Note: This is a guest post by a person whose father was convicted of securities fraud in Utah.  All identifying information has been removed to protect the author’s identity.  The opinions in this post belong solely to the author.   It’s no secret that securities fraud is a mounting problem in Utah, where the

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