Archive for the ‘Utah’ Category

SEC and CFTC Halt Alleged Scam Involving Commodities Futures

Tuesday, May 19th, 2009

The U.S. Securities and Exchange Commission (SEC) has charged Gordon A. Driver (”Driver”) - of Las Vegas and Hamilton, Ontario - and his company Axcess Automation, LLC (”Axcess”) with securities fraud, claiming that the defendants raised $14.1 million from about 100 investors by promising weekly returns of up to 5 percent from trading in futures. (more…)

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…)