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Washington, D.C., March 28, 2011 – The Securities and Exchange Commission today announced 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 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 inside the organizations
– Influence Cash LLC and Influence Payment Systems LLC. Investors had been told their funds will be held in split bank records and utilized to invest in pay day loans and other areas of the firms’ operations. Nevertheless, Clark rather same day title loans in missouri commingled investor funds into an individual pool and utilized them to help make unauthorized investments, pay fictitious earnings to previous investors, and fund his or her own lifestyle that is lavish.
- SEC Problem
- Litigation Release No. 21903
“Investors had been guaranteed returns that are extraordinary Clark ended up being really diverting their cash to produce such extraordinary personal acquisitions as a totally restored classic 1963 Corvette Stingray, ” said Ken Israel, Director regarding the SEC’s Salt Lake Regional workplace. “Clark recruited brand brand new investors through referrals from earlier in the day investors whom thought the Ponzi re re re payments they received had been real comes back to their investments and sought to generally share the opportunity that is lucrative 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.
In accordance with the SEC’s problem filed in U.S. District Court when it comes to District of Utah, Clark lured at the least 120 investors into his scheme. Besides word-of-mouth referrals from earlier in the day investors, Clark additionally recruited investors by attending trade events in several states, attending loan that is payday, and spending salespeople to find prospective investors to fulfill with Clark. He paid one salesperson significantly more than a half-million dollars over a multi-year duration to find prospective investors and attend cash advance conferences and industry events.
The SEC alleges that from at the least March 2006 to September 2010, Clark while the effect companies raised funds from investors when it comes to reported purposes of funding payday advances, buying listings of leads for pay day loan clients, and paying Impact’s working costs. Effect would not circulate a placement that is private or just about any other document disclosing the character associated with investment or the dangers included to investors. The SEC’s grievance charges influence and Clark with fraudulently attempting to sell unregistered securities.
In line with the SEC’s issue, Clark regularly altered investor account statements supplied to him by Impact’s accounting division to generate artificially high yearly prices of return. The account that is altered with purported profits had been then delivered to investors. Account statements to clients revealed annualized returns varying from 30 % to a lot more than 200 per cent.
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 monetary charges from Impact and Clark.
This matter had been examined by Jennifer Moore, Justin Sutherland and Marie Elliott associated with SEC’s Salt Lake Regional workplace, therefore 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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