SEC Halts $47 Million Investment Fraud at Utah-Based Pay Day Loan Organizations

SEC Halts $47 Million Investment Fraud at Utah-Based Pay Day Loan Organizations

Washington, D.C. – The Securities and Exchange Commission today announced so it has acquired a court purchase freezing the assets of two pay day loan organizations and their owner faced with perpetrating a $47 million providing fraudulence and Ponzi scheme.

The SEC alleges that John Scott Clark of Hyde Park, Utah, promised investors astronomical yearly comes back of 80 per cent on the opportunities in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their cash will be held in split bank records and utilized to invest in loans that are payday other facets of the businesses’ operations. Nonetheless, Clark alternatively commingled investor funds into just one pool and used them to create unauthorized investments, pay fictitious earnings to previous investors, and fund their own lifestyle that is lavish. Continuar leyendo «SEC Halts $47 Million Investment Fraud at Utah-Based Pay Day Loan Organizations»