The SEC alleges that John Scott Clark of Hyde Park, Utah, promised investors astronomical yearly comes back of 80 per cent on their assets in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their funds will be held in split bank records and used to invest in loans that are payday other facets of the firms’ operations. But, Clark rather commingled investor funds into just one pool and utilized them to help make unauthorized investments, pay fictitious profits to earlier investors, and fund his or her own lifestyle that is lavish.
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“Investors had been guaranteed returns that are extraordinary Clark ended up being really diverting their funds to help make such extraordinary personal acquisitions as a completely restored classic 1963 Corvette Stingray,” said Ken Israel, Director for the SEC’s Salt Lake Regional workplace. “Clark recruited new investors through recommendations from earlier in the day investors whom thought the Ponzi re payments they received had been real comes back on the investments and sought to generally share the opportunity that is lucrative household and company associates.”
The SEC alleges that as well as purchasing numerous cars that are expensive snowmobiles, Clark took investor funds to shop for a property theater, bronze statues as well as other art for himself.
Based on the SEC’s problem filed in U.S. District Court when it comes to District of Utah, Clark lured at the least 120 investors into their scheme. Besides word-of-mouth referrals from earlier in the day investors, Clark also recruited investors by attending trade events in a variety of states, attending loan that is payday, and having to pay salespeople to find prospective investors to satisfy with Clark. He paid one salesperson significantly more than a half-million dollars over a multi-year duration to find possible investors and attend cash advance conferences and industry events.
The SEC alleges that from at the least March 2006 to September 2010, Clark additionally the Impact businesses raised funds from investors when it comes to reported purposes of funding payday advances, buying listings of leads for cash advance clients, and paying operating that is impact’s. Effect failed to circulate a placement that is private or other document disclosing the character associated with the investment or the dangers included to investors. The SEC’s grievance charges Impact and Clark with fraudulently attempting to sell securities that are unregistered.
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Based on the SEC’s grievance, Clark regularly changed investor account statements offered to him by Impact’s accounting department to produce artificially high annual prices of return. The account that is altered with purported earnings were then delivered to investors. Account statements to clients revealed annualized returns varying from 30 percent to a lot more than 200 %.
As well as the asset freeze approved late Friday, the court has appointed a receiver to protect and marshal assets for the main benefit of investors. The SEC’s grievance seeks a preliminary and permanent injunction since well as disgorgement, prejudgment interest and monetary charges from influence and Clark.
This matter had been examined by Jennifer Moore, Justin Sutherland and Marie Elliott of this SEC’s Salt Lake Regional workplace, plus the litigation shall be led by Tom Melton. The SEC appreciates the help of the Utah Division of Securities in this matter.
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