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News for Norther Colorado and the world

Friday, September 19, 2014

Berthoud man sanctioned in Ponzi scheme

 

salt lake city tribune logo 175 Berthoud man sanctioned in Ponzi scheme

 

 

 

Utahns among six sanctioned over Ponzi scheme

By Tom Harvey
The Salt Lake Tribune

Federal regulators have imposed sanctions on six Utah and Colorado men for their involvement with Jeffrey Mowen, the Utah County man who pleaded guilty to fraud charges for running a Ponzi scheme that took in about $18 million from investors on promises of returns of 2 percent or more a month.

The Securities and Exchange Commission said the six solicited millions of dollars of investor money that went to Mowen using false claims about where the money would go and about the security of the investments.

Sanctions were imposed against Thomas R. Fry, Cedar Hills; Michael W. Averett, Pleasant Grove; Michael G. Butcher, Loveland, Colo.; Gary W. Hansen Berthoud, Colo.; James B. Mooring, Highland; and Bevan J. Wilde, Highland.  … Read More

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