Archive for the ‘Utah’ Category

Another Preventable Ponzi in Utah

Sunday, April 6th, 2008

Last week the U.S. Securities and Exchange Commission (SEC) charged Richard Ames Higgins, Brandon S. Higgins, Allan D. Christensen, and their company -  Madison Real Estate Groups, LLC - with running a Ponzi scheme in Utah.  The SEC’s complaint alleges that the defendants raised at least $15 million from the fraudulent sale of limited partnerships interests in apartment buildings to at least 42 investors. (more…)

One for the Record Books

Thursday, February 7th, 2008

Today, police led Val E. Southwick out of his office in handcuffs bringing to a close what prosecutors are calling perhaps the biggest scam in Utah history.  For the 800 people who invested through Southwick, though, today was only the beginning of a long journey during which they will learn how much, if any, of their nest eggs have survived the scam. (more…)

Hedge Fund Case Highlights Danger to Baby Boomers

Wednesday, January 30th, 2008

No recent case better highlights the danger facing baby boomers than this one. 

According to the U.S. Securities and Exchange Commission, Coadum Advisors, Inc. of Holladay, Utah sold four separate investment funds, raising a total of $30 million from at least 150 investors.   Thomas Repke of Salt Lake City and James Jeffery of Belleville, Ontario were the people behind the companies.

According to the SEC, Repke, Jeffery, Coadum and related companies fraudulently promised investors “no risk” returns of between 2.5% and 8% per month, and created account statements showing that investors were earning those returns when in fact none of the investments made any money.  The SEC also alleged that the defendants “borrowed” $3 million in investor deposits to pay the monthly returns that they had led investors to expect, in classic Ponzi fashion. (more…)

Another Day at the Office for Financial Scamsters

Wednesday, December 19th, 2007

We are a nation of workers.  Some are doctors, others accountants, others information technology experts.  Some work in factories, others in mills, others in offices, and others on farms.  There is another category of worker, though, that is seldom identified — scam artist. (more…)