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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. Nonetheless, Clark rather commingled investor funds into just one pool and utilized them in order to make unauthorized investments, pay fictitious earnings to previous investors, and fund his or her own lifestyle that is lavish.
- SEC Grievance
- Litigation Release No. 21903
“Investors had been promised extraordinary returns while Clark ended up being really diverting their cash 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 brand brand new investors through recommendations from earlier in the day investors who thought the Ponzi re re re payments they received had been real comes back to their investments and sought to generally share the profitable possibility with family members and company associates. ”
The SEC alleges that as well as purchasing numerous cars that are expensive snowmobiles, Clark took investor funds to acquire a house movie movie theater, bronze statues along with other art for himself.
Based on the SEC’s problem filed in U.S. District Court for the District of Utah, Clark lured at the very least 120 investors into their scheme. Besides word-of-mouth referrals from previous investors, Clark additionally recruited investors by attending trade events in several states, attending pay day loan seminars, and having to pay salespeople to find prospective investors to meet up with with Clark. He paid one salesperson significantly more than a half-million dollars more than a multi-year duration to locate possible investors and attend cash advance conferences and industry events.
The SEC alleges that from at the least March 2006 to September 2010, Clark as well as the effect organizations raised funds from investors when it comes to reported purposes of funding payday advances, buying lists of leads for pay day loan clients, and having to pay Impact’s working costs. Effect would not circulate a placement that is private or just about any other document disclosing the type regarding the investment or even the dangers included to investors. The SEC’s grievance charges influence and Clark with fraudulently attempting to sell unregistered securities.
Based on the SEC’s grievance, 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 were then provided for investors. Account statements to customers 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 problem seeks an initial and permanent injunction since well as disgorgement, prejudgment interest and economic charges from influence and Clark.
This matter ended up being investigated by Jennifer Moore, Justin Sutherland and Marie Elliott regarding the SEC’s Salt Lake Regional workplace, as well as the litigation shall be led by Tom Melton. The SEC appreciates the help of the Utah Division of Securities in this matter.
To find out more about that enforcement action, contact:
Kenneth D. Israel, Regional Director
Karen Martinez, Assistant Director
SEC’s Salt Lake Regional Office
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