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 »

Not All Ponzi Schemes Are Prosecuted by the SEC

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This week a Utah man named Kenneth Tebbs was sentenced to six and a half years in federal prison for operating a $49 million Ponzi Scheme in Salt Lake City. According to the article in the Salt Lake Tribune the investment scheme victimized more than 100 investors, many of them elderly people, family and friends…. Read more »

Two Convictions in the Mathon Ponzi Scheme

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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 »

No, You Can’t Even Trust The Mayor! — Update #3

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UPDATE #3: The U.S. Commodity Futures Trading Commission (“CFTC”) announced today that it obtained federal court orders for more than $2.7 million in disgorgement and civil monetary penalties against Bentley Equities, LLC and its principals, Christopher D. Hales and Eric A. Richardson. On May 31, 2013, the Honorable Dee Benson of the United States District… Read more »

The SEC’s New Investor Bulletin on Affinity Fraud

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Last week the SEC’s Office of Investor Education and Advocacy issued a new Investor Alert to help educate investors about affinity fraud, a type of investment scam that preys upon members of identifiable groups, such as religious or ethnic communities or the elderly. Below is the full text of the alert: What is Affinity Fraud?… Read more »

Where money meets faith, bring skepticism

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This is a repost of a good article on affinity fraud by Michelle Singletary that appeared in the Washington Post this week: Where money meets faith, bring skepticism Robert “Dr. Shine” Freeman, a Maryland minister, took the command “let us pray” and turned it into “let us prey.” Because that’s what he did. He preyed on his… Read more »