Let me make it clear about LOOKED FOR: PAYDAY ADVANCES

Let me make it clear about LOOKED FOR: PAYDAY…

Let me make it clear about LOOKED FOR: PAYDAY ADVANCES

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SEC Halts $47 Million Investment Fraud at Utah-Based Pay Day Loan Organizations

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 % on the opportunities in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their funds will be held in split bank reports and utilized to invest in payday advances and other areas of the businesses‘ operations. But, Clark rather commingled investor funds into just one pool and used them in order to make unauthorized investments, pay fictitious earnings to previous investors, and fund their own luxurious life style.

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“Investors were guaranteed returns that are extraordinary Clark ended up being really diverting their cash to produce 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 previous investors whom thought the Ponzi re re payments they received were real comes back on the investments and sought to generally share the profitable possibility with family members and company associates.”

The SEC alleges that along with purchasing numerous costly automobiles and snowmobiles, Clark took investor funds to acquire a property movie movie theater, bronze statues as well as 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 industry events in several states, attending cash advance seminars, and spending salespeople to find possible investors to generally meet with Clark. He paid one salesperson a lot more than a half-million dollars over 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 clients, and having to pay operating that is impact’s. Effect would not circulate a placement that is private or just about any other document disclosing the character associated with the investment or the dangers included to investors. The SEC’s problem charges influence and Clark with fraudulently offering securities that are unregistered.

In line with the SEC’s problem, Clark regularly changed investor account statements offered to him by influence’s accounting division to generate artificially high yearly prices of return. The changed account statements with purported earnings had been then provided for investors. Account statements to clients revealed annualized returns varying from 30 % to significantly 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 main benefit of investors. The SEC’s grievance seeks a preliminary 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 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 learn 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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