Ward Financial Clerk Alan Oviatt Sentenced for Defrauding Ward Members in St. George

Posted by & filed under .

This is a repost of an article that appeared in The Spectrum yesterday about the sentencing of Alan Herbert Oviatt.   There is also a civil case pending before the Utah Division of Securities that could result in additional civil fines and penalties. St. George resident sentenced for theft Written by Kevin JenkinsOct. 22, 2013 | thespectrum.com… Read more »

Michael Dee Madsen of Herriman, Utah Charged with Securities Fraud

Posted by & filed under .

Below is an article that appeared in The St. George Spectrum yesterday. The alleged losses are relatively small so it has not garnered the attention of the press here in Salt Lake City, but the facts are important because they illustrate the modus operandi of guys like this. The facts alleged in the indictment are… Read more »

Two Convictions in the Mathon Ponzi Scheme

Posted by & filed under .

A long-running Arizona affinity-fraud case targeting members of the Church of Jesus Christ of Latter Day Saints took an important step toward conclusion with the conviction last week of Guy Andrew Williams and his father Brent F. Williams. In 2009 the Williams were indicted on 40 counts of conspiracy, wire fraud, mail fraud and money… Read more »

FORBES: You Should Avoid Church and Rotary In Retirement Planning

Posted by & filed under .

This article appeared in Forbes Magazine  this month: Avoid Church and Rotary In Retirement Robert Laura, Contributor As shocking as this may sound, when it comes to planning and investing your retirement savings, religious and civic organizations are quickly becoming places to avoid. In the not-so-distant past, you could rely on the fellow who lead… Read more »

State of Fraud

Posted by & filed under .

This is a good article that appeared in the April 2010 edition of Utah Business. It looks into why Utah has so much securities fraud and echos many of the same conclusions discussed elsewhere in this blog. State of Fraud Why is Utah Rife with Fraudulent Investment Schemes? by Gaylen Webb It’s been about four… Read more »

The LDS Church Issues a Strong Position on Affinity Fraud

Posted by & filed under .

I am pleased to see that after years of urging from me and others who have seen affinity fraud perpetrated within LDS church congregations for years (especially in Utah County) the church has finally stepped up to the plate and taken a stronger position on this issue. They did so at the annual Fraud College… Read more »

UPDATE: Lessons to be Learned from Jeffrey Mowen

Posted by & filed under .

Here is an update on this story from the Salt Lake Tribune. There is another moral to this story that is evident in these prosecutions, and that is you need to be careful who you solicit money on behalf of, and its better not to do it at all. If you are not licensed to… Read more »

Yet Another Local Ponzi Scheme Indictment — Newport Financial

Posted by & filed under .

Michael Smith and his son Quintin Smith have each been charged with six counts of securities fraud and one count of pattern of unlawful activity, all second-degree felonies, in connection with a furniture loan company they owned called Newport Financial. According to a Salt Lake Tribune article published today they have been accused of “bilking… Read more »