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

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 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 on the assets in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their cash is held in split bank reports and utilized to fund loans that are payday other areas of the businesses’ operations. But, Clark alternatively commingled investor funds into just one pool and used them to create unauthorized investments, pay fictitious earnings to previous investors, and fund their own lifestyle that is lavish.

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“Investors had been promised extraordinary returns while Clark had been really diverting their funds to produce such extraordinary personal acquisitions as a totally restored classic 1963 Corvette Stingray,” said Ken Israel, Director of this SEC’s Salt Lake Regional workplace. “Clark recruited brand brand brand new investors through recommendations from previous investors whom thought the Ponzi re payments 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 took investor funds to shop for a house movie movie movie theater, bronze statues as well as other art for himself.

In accordance with the SEC’s complaint filed in U.S. District Court when it comes to District of Utah, Clark lured at the least 120 investors into their scheme. Besides word-of-mouth referrals from previous investors, Clark additionally recruited investors by attending trade events in different states, attending loan that is like this payday, and paying salespeople to locate prospective investors to satisfy with Clark. He paid one salesperson a lot more than a half-million dollars over a period that is multi-year find possible investors and attend cash advance conferences and trade events.

The SEC alleges that from at the least March 2006 to September 2010, Clark additionally the effect organizations raised funds from investors when it comes to reported purposes of funding payday advances, buying listings of leads for cash advance clients, and having to pay operating that is impact’s. Effect would not circulate a personal positioning memorandum or other document disclosing the type for the investment or 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 influence’s accounting division to produce artificially high yearly prices 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 % to a lot more than 200 %.

As well as the asset freeze authorized late Friday, the court has appointed a receiver to protect and marshal assets for the advantage of investors. The SEC’s issue seeks an initial and permanent injunction since well as disgorgement, prejudgment interest and economic charges from influence and Clark.

This matter had been investigated by Jennifer Moore, Justin Sutherland and Marie Elliott associated with the SEC’s Salt Lake Regional workplace, as well as the litigation will 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 (801) 524-5796