Clark Scott
US $76.65
Online Payday Loan Lender Busted For Ponzi Scheme In Utah
The Securities and Exchange Commission has slapped two online pay day loans businesses, both owned by one male, with a fraud suit. The man at the center of the suit, John Scott Clark, is named in the suit for having allegedly run a multimillion dollar Ponzi scheme using the two businesses he owned. More than 120 investors were alleged to have been defrauded of $47 million by Clark. Post resource - Utah online payday loans lender busted for Ponzi scheme by MoneyBlogNewz.
Online lending businesses deal with SEC fraud suit
The SEC sued the owner of two lending online payday cash advance companies for a Ponzi scheme costing millions of dollars. Impact Cash LLC and Impact Payment Systems LLC are both companies John Scott Clark owned and were preparing on investing capital into with money given to him by over 120 investors over a five year period. This got the Securities and Exchange Commission mad and started a lawsuit. Clark allegedly recruited investors by promising an average return of 80 percent in exchange for capital, which he allegedly said would be used to fund payday cash loans to reliable customers. From March 2006 to Sept 2010, Clark recruited investors and got over $47 million, states the Credit Union Times, in investment.
Clark accused of funding Mercedes habit with investor funds
Deseret News reports that Clark got trust from investors and then spent all the money on his new lifestyle. A 1963 Chevrolet Corvette and three Mercedes-Benz vehicles were purchased by Clark during this period. He also purchased several home furnishings including a $25,000 theater system. Clark refused to give investors their money when they started to get suspicious in 2009 that something was wrong. Clark got a lawsuit with five Securities Act violations by the SEC. There was a Federal judge who ruled the Impact businesses should both be put into receivership. The Wall Street Journal states they were both frozen.
One ruins it for all
A lot of people have a bad connotation of online payday loan lenders. They're considered evil. Transactions are not reported when they are honest and good although that is the majority. Still, customers and investors should be careful who they deal with in financial matters. This is where the Better Business Bureau comes in. It's there to help customers. Usually, it's too good to be true if it sounds that way.
Citations
Salt Lake Tribune
sltrib.com/sltrib/money/51503972-79/investors-clark-complaint-payday.html.csp
Wall Street Journal
online.wsj.com/article/BT-CO-20110328-710072.html
Deseret News
deseretnews.com/article/705369480/Cache-County-man-allegedly-bilked-investors-of-millions-to-feed-lavish-lifestyle.html
Credit Union Times
cutimes.com/2011/03/28/sec-halts-47-million-payday-loan-ponzi
Boy names that can also be surnames?
eg. Jordan, Morgan, Martin, Lee, Clark, Scott, Mitchell, James, Owen, etc..
Alexander, Mackenzie, Graham, Robin, Calder, Peter(s), Bradley, Jameson, Donovan, Donagan, Ames, Weston, Hudson, Hunter.
There are many more, but that's all I could think of:)
Scott Turow's Innocent (Variety)
TV Reviews: It doesn't take a criminal mastermind to know that when
establishing a TV mystery franchise, you need to call upon pros like Scott
Turow and Mary Higgins-Clark.
Scott Clark's Final Broadcast - 1/3/11 - WABC-TV
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