The SEC alleges that John Scott Clark of Hyde Park, Utah, promised investors astronomical yearly comes back of 80 per cent on their opportunities in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their funds is held in separate bank records and utilized to invest in loans that are payday other components of the firms’ operations. But, Clark rather commingled investor funds into just one pool and utilized them to create unauthorized investments, pay fictitious earnings to previous investors, and fund their own luxurious life style.
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“Investors had been guaranteed returns that are extraordinary Clark had been really diverting their funds in order to make such extraordinary personal acquisitions as a completely restored classic 1963 Corvette Stingray,” said Ken Israel, Director associated with the SEC’s Salt Lake Regional workplace. “Clark recruited brand new investors through recommendations from previous investors whom thought the Ponzi re payments they received had been real comes back on the investments and sought to generally share the profitable possibility with household and company associates.”
The SEC alleges that along with purchasing numerous cars that are expensive snowmobiles, Clark stole investor funds to shop for a house movie theater, bronze statues along with other art for himself.
In accordance with the SEC’s problem filed in U.S. District Court for the District of Utah, Clark lured at the very least 120 investors into his scheme. Besides word-of-mouth referrals from previous investors, Clark additionally recruited investors by attending industry events in different states, attending loan that is payday, and having to pay salespeople to find possible investors to satisfy with Clark. He paid one salesperson significantly more than a half-million dollars over a period that is multi-year find possible investors and attend cash advance conferences and trade shows.
The SEC alleges that from at the very least March 2006 to September 2010, Clark additionally the effect businesses raised funds from investors for the reported purposes of funding payday advances, buying listings of leads for cash advance clients, and having to pay operating that is impact’s. Effect would not circulate a placement that is private or just about any document disclosing the character of this investment or the dangers included to investors. The SEC’s grievance charges influence and Clark with fraudulently selling unregistered securities.
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In line with the SEC’s complaint, Clark regularly changed investor account statements supplied to him by Impact’s accounting department to produce artificially high yearly prices of return. The changed account statements with purported earnings had been then delivered to investors. Account statements to clients revealed annualized returns varying from 30 % to significantly more than 200 %.
Besides the asset freeze authorized late Friday, the court has appointed a receiver to preserve and marshal assets for the advantage of investors. The SEC’s issue seeks an initial 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 associated with SEC’s Salt Lake Regional Office, 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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