FOR IMMEDIATE LAUNCH
Washington, D.C., March 28, 2011 – 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 assets in their organizations
– Influence Cash LLC and Influence Payment Systems LLC. Investors had been told their cash could be held in split bank reports and utilized to invest in loans that are payday other areas of the firms’ operations. But, Clark rather commingled investor funds into an individual pool and utilized them to create unauthorized investments, pay fictitious earnings to earlier investors, and finance his or her own lifestyle that is lavish.
- SEC Issue
- Litigation Release No. 21903
“Investors had been guaranteed returns that are extraordinary Clark ended up being really diverting their cash to produce such extraordinary personal acquisitions as a completely restored classic 1963 Corvette Stingray, ” said Ken Israel, Director of this SEC’s Salt Lake Regional workplace. “Clark recruited brand brand new investors through recommendations from previous investors whom thought the Ponzi re payments they received had been actual comes back on the investments and sought to share the profitable possibility with household and company associates. [Read more…] about SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Organizations