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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 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 comes back of 80 per cent to their assets in their businesses – Impact Cash LLC and Impact Payment Systems LLC. Investors had been told their cash could be held in split bank records and utilized to invest in loans that are payday other areas of the firms’ operations. But, Clark rather commingled investor funds into an individual p l and utilized them which will make unauthorized investments, pay fictitious profits to previous investors, and fund their own lifestyle that is lavish.

Extra Materials

• SEC Problem
• Litigation Release No. 21903

“Investors had been promised extraordinary returns while Clark had been really diverting their funds in order to make such extraordinary personal acquisitions as a totally restored classic 1963 Corvette Stingray payday loans California,” said Ken Israel, Director of this SEC’s Salt Lake Regional workplace. “Clark recruited new investors through referrals from previous investors whom thought the Ponzi repayments they received had been real comes back on the 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 t k investor funds to buy a house movie theater, bronze statues as well as other art for himself. Continue reading “SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Businesses”

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Ceos of all of the National Banks; All State Banking Authorities; Chairman, Board of Governors regarding the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Director, workplace of Thrift Supervision; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel; and all sorts of Examining Personnel

Chester Bancorp has stated that counterfeit cashier’s checks given in the title of Chester nationwide Bank and making use of either or perhaps the number that is routing of institution, payday loan company California Chester nationwide Bank of Missouri, are increasingly being presented for re re payment nationwide regarding the a secret shopping scam. Observe that neither institution dilemmas cashier’s checks.

The fake checks resemble the authentic things, but can be identified by the after: the instruments are of unknown color, have a check that is 7-digit quantity when you look at the upper-right part accompanied by the text “CASHIER’S CHECK.” The financial institution’s title and logo design can be found in the upper-left part regarding the tool, two signature lines are observed within the bottom-right part of the check, and a remitter area is situated in the corner that is bottom-left. The statement that is following included in the top edge associated with check: “THE FACE AREA OF THIS DOCUMENT HAS A COLORED Background ON WHITE PAPER.” The underside edge regarding the check offers the after protection declaration: “THE REAR OF THIS DOCUMENT CONTAINS A synthetic WATERMARK. HOLD AT AN ANGLE TO SEE.” A pad-lock symbol seems when you look at the border that is right-hand of instrument. Continue reading “Chester Bancorp has stated that fake cashier’s checks released in the title of Chester nationwide Bank”