5 ways fraudsters trick investors

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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 fraud… Read more »

UPDATE: Robert Holloway Convicted of Wire Fraud and Tax Evasion

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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… Read more »

Repost: Affinity fraud continues to plague Utahns and Mormons

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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… Read more »

SEC Releases New Alert on Affinity Fraud

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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… Read more »

UPDATE: Criminal Charges Against Rick Koerber Dismissed

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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 prosecute… Read more »

First Ever Whistleblower Award Given to Utah Man

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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 who reported a suspicious… Read more »

American Pension Services Lawsuit

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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… Read more »

Guest Post: An Inside Story of Utah Fraud

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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 faith… Read more »

Utah Division of Securities Releases Top Investor Threats for 2013

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SALT LAKE CITY, Utah – Keith Woodwell, Director of the Utah Division of Securities, announced today that the Division has released a new list of Top Investor Threats facing consumers with its partner, the North American Securities Administrators Association (NASAA). The 2013 list examines offers, practices, and investment scenarios that are being aggressively marketed to… Read more »