DoJ, SEC Charge Utah Ponzi Schemer, Who Blames Obama. Thanks, Obama

[bostonangler]

DoJ, SEC Charge Utah Ponzi Schemer, Who Blames Obama. Thanks, Obama

By Mark Melin on April 1, 2016 2:18 pm in Business

 

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An alleged Utah Ponzi schemer, charged by the U.S. Department of Justice and Securities and Exchange Commission with fraud associated with investments in “top secret” Iraqi currency and oil contracts, has agreed to pay $1.7 million in criminal restitution and serve 36 months in prison. When confronted by investors regarding their James Bond-like investment scheme, the fraudsters blamed President Obama for investment losses.

Utah Ponzi Schemer guarantees 3000% returns per year, and church investors open checkbook

Cache County resident John Scott Clark, who pled guilty in 2009 to bank fraud, money laundering and illegal gambling and in 2011 was charged in a $47 million Ponzi scheme, is at it again.

This time the SEC charged Clark and a business partner with soliciting nearly $1.7 million over approximately seven years, including from investors in Clark’s earlier Ponzi scheme and from members of his church congregation.

Perhaps the “tell” to investors should have been the lack of risk with the preponderance of reward: Clark promised investors 3,000% per year. Clark told his congregation that the investment risk was low, and, of course, the returns were “too good to be true.” and “[all] you have to do for that [return] is not talk about it.”

Buy low sell high, and guess what? The returns were guaranteed.

Clark not only told investors returns would be absurdly high, he provided written guarantees that within 90 days, a $1,000 investment would yield $125,000 and a $20,000 investment would guarantee a $3 million payout.

When investment didn’t pan out, its Obama’s fault. Thanks, Obama

Classic fraud scheme. No risk, big reward and don’t discuss details with others.

The victims were convinced Clark and his business partner claimed to have access to a top secret U.S. military and government program that enabled them to invest in “top secret” Iraqi dinar and oil contracts with foreign governments and large oil companies. The Ponzi master played himself off as a man with special corporate, military, and government connections through the likes of the President of Kuwait, the President of the International Monetary Fund, U.S. President Barack Obama and three former U.S. presidents.

In reality, Clark and his business partner used investor’s money to pay for their “personal expenses.” When Clark and his partner failed to pay investors on the guaranteed investment returns, who was to blame? President Obama. Among several of the “sham excuses,” Clark and his partner claimed President Obama had signed an executive order halting the investment payout.

 

http://www.valuewalk.com/2016/04/utah-ponzi-scheme/

[vomer]

Well at least Bush doesn't get blamed this time.  I guess that game has wrung out.