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 payday that is online organizations 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 returns of 80 per cent on the investments inside the organizations
– Influence Cash LLC and Influence Payment Systems LLC. Investors had been told their funds could be held in split bank records and used to finance pay day loans and other facets of the businesses’ operations. But, Clark rather commingled investor funds into an individual pool and utilized them which will make unauthorized investments, pay fictitious earnings to previous investors, and fund his very own luxurious life style.
Extra Materials
- SEC Problem
- Litigation Release No. 21903
“Investors were promised returns that are extraordinary Clark had been really diverting their cash to help 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 brand new investors through recommendations from previous investors whom thought the Ponzi 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 along with purchasing numerous high priced automobiles and snowmobiles, Clark took investor funds to shop for a house movie theater, bronze statues as well as 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 their scheme. Besides word-of-mouth referrals from previous investors, Clark also recruited investors by attending industry events in a variety of states, attending pay day loan seminars, and paying salespeople to find prospective investors to fulfill with Clark. He paid one salesperson significantly more than a half-million dollars more than a multi-year duration to find possible investors and attend cash advance conferences and industry events.
The SEC alleges that from at the very least March 2006 to September 2010, Clark while the effect organizations raised funds from investors for the reported purposes of funding payday advances, buying listings of leads for pay day loan customers, and having to pay operating that is impact’s. Effect failed to circulate a placement that is private or other document disclosing the type of this investment or perhaps the dangers included to investors. The SEC’s grievance charges influence and Clark with fraudulently attempting to sell securities that are unregistered.
Based on the SEC’s problem, Clark regularly changed investor account statements supplied to him by Impact’s accounting division to produce artificially high annual rates 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 https://speedyloan.net/bad-credit-loans-az % 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 injunction that is permanent 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 the SEC’s Salt Lake Regional workplace, in addition to litigation will be led by Tom Melton. The SEC appreciates the assistance of the Utah Division of Securities in this matter.
To find out more concerning this enforcement action, contact:
Kenneth D. Israel, Regional Director
Karen Martinez, Assistant Director
SEC’s Salt Lake Regional Office
(801) 524-5796
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