SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Businesses

SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Businesses

FOR IMMEDIATE LAUNCH
2011-73

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 companies 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 to their opportunities in their organizations

– Impact Cash LLC and Influence Payment Systems LLC. Investors had been told their funds will be held in split bank reports and utilized to finance loans that are payday other components of the firms’ operations. Read more