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The SEC alleges that John Scott Clark of Hyde Park, Utah, promised investors astronomical yearly comes back of 80 % to their assets in their businesses – Impact money LLC and Impact Payment Systems LLC. Investors had been told their cash is held in split bank records and used to invest in pay day loans and other areas of the businesses’ operations. Nonetheless, Clark alternatively commingled investor funds into just one pool and used them in order to make unauthorized investments, pay fictitious earnings to previous investors, and fund his or her own lifestyle that is lavish.

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“Investors had been guaranteed returns that are extraordinary Clark had been really diverting their funds which will make 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 new investors through recommendations from earlier in the day investors whom thought the Ponzi 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 along with buying numerous cars that are expensive snowmobiles, Clark took investor funds to get a house movie movie movie theater, bronze statues along with 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 least 120 investors into their scheme. Besides word-of-mouth referrals from previous investors, Clark additionally recruited investors by attending trade events in a variety of states, attending pay day loan seminars, and spending salespeople to find prospective investors to satisfy with Clark. He paid one salesperson significantly more than a half-million dollars more than a multi-year duration to find prospective investors and attend cash advance conferences and trade shows.

The SEC alleges that from at the least March 2006 to September 2010, Clark while the effect businesses raised funds from investors when it comes to reported purposes of funding payday advances, buying listings of leads for pay day loan customers, and having to pay Impact’s running costs. Effect failed to circulate a placement that is private or other document disclosing the type regarding the investment or even the dangers involved to investors. The SEC’s grievance charges influence and Clark with fraudulently attempting to sell unregistered securities.

Based on the SEC’s issue, Clark regularly changed investor account statements supplied to him by Impact’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 significantly more than 200 %.

The court has appointed a receiver to preserve payday loans Louisiana and marshal assets for the benefit of investors in addition to the asset freeze approved late Friday. The SEC’s grievance seeks an initial and permanent injunction since well as disgorgement, prejudgment interest and monetary charges from influence and Clark.

This matter ended up being examined by Jennifer Moore, Justin Sutherland and Marie Elliott regarding the SEC’s Salt Lake Regional workplace, and also the litigation will be led by Tom Melton. The SEC appreciates the help of the Utah Division of Securities in this matter.

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