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 offering fraud and Ponzi scheme.
The SEC alleges that John Scott Clark of Hyde Park, Utah, promised investors astronomical annual comes back of 80 per cent on their opportunities in the businesses
– Influence Cash LLC and Impact Payment Systems LLC. Investors had been told their funds could be held in split bank records and utilized to finance pay day loans and other facets of the firms’ operations. Nonetheless, Clark alternatively commingled investor funds into an individual pool and utilized them in order to make unauthorized investments, pay fictitious earnings to previous investors, and fund his very own lifestyle that is lavish.
- SEC Grievance
- Litigation Release No. 21903
“Investors were guaranteed extraordinary returns while Clark ended up being really diverting their funds to produce such extraordinary personal purchases 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 re payments they received had been real comes back to their investments and sought to generally share the lucrative possibility with household and company associates. ”
The SEC alleges that as well as purchasing numerous cars that are expensive snowmobiles, Clark took investor funds to buy a house movie 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 least 120 investors into his scheme. Besides word-of-mouth referrals from previous investors, Clark additionally recruited investors by attending industry events in a variety of states, attending cash advance seminars, and having to pay salespeople to find possible investors to meet up with Clark. He paid one salesperson significantly more than a half-million dollars over a period that is multi-year find prospective investors and attend cash advance conferences and trade events.
The SEC alleges that from at the least March 2006 to September 2010, Clark as well as the effect businesses raised funds from investors for the reported purposes of funding payday advances, buying listings of leads for pay day loan clients, and having to pay Impact’s working costs. Effect didn’t circulate a personal placement memorandum or other document disclosing the character regarding the investment or perhaps the dangers included to investors. The SEC’s grievance charges influence and Clark with fraudulently attempting to sell unregistered securities.
In accordance with the SEC’s problem, Clark routinely changed investor account statements supplied to him by Impact’s accounting division to produce artificially high yearly prices of return. The changed account statements with purported earnings had been then provided for investors. Account statements to clients revealed annualized returns varying from 30 % to a lot more than 200 %.
The court has appointed a receiver to preserve and marshal assets for the benefit of investors in addition to the asset freeze approved late Friday.
The SEC’s issue seeks an initial and injunction that is permanent well as disgorgement, prejudgment interest and economic penalties from influence and Clark.
This matter ended up being investigated by title loans nebraska Jennifer Moore, Justin Sutherland and Marie Elliott associated with SEC’s Salt Lake Regional workplace, additionally the litigation will be led by Tom Melton. The SEC appreciates the help of the Utah Division of Securities in this matter.
To learn more relating to this enforcement action, contact:
Kenneth D. Israel, Regional Director
Karen Martinez, Assistant Director
SEC’s Salt Lake Regional Office
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