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2011-73

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 returns of 80 per cent on the assets in the businesses

– Influence Cash LLC and Impact Payment Systems LLC. Investors had been told their cash will be held in split bank records and utilized to invest in payday advances and other components of the firms’ operations. Nevertheless, Clark alternatively commingled investor funds into just one pool and used them to help make unauthorized investments, pay fictitious earnings to previous investors, and fund their own lifestyle that is lavish.

Extra Materials

• SEC Issue
• Litigation Release No. 21903

“Investors had been guaranteed returns that are extraordinary Clark had been actually diverting their funds which will make such extraordinary personal acquisitions as a totally restored classic 1963 Corvette Stingray, ” said Ken Israel, Director regarding 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 had been real comes back to their investments and sought to generally share the opportunity that is lucrative family members and company associates. ”

The SEC alleges that as well as purchasing multiple costly automobiles and snowmobiles, Clark took investor funds to buy a house movie theater, bronze statues along with other art for himself.

Based on the SEC’s problem filed in U.S. District Court when it comes to District of Utah, Clark lured at the very least 120 investors into their scheme. Besides word-of-mouth referrals from earlier in the day investors, Clark additionally recruited investors by attending industry events in several states, attending pay day loan conferences, and spending salespeople to find possible investors to generally meet with Clark. He paid one salesperson significantly more than a half-million dollars over a period that is multi-year find prospective investors and attend cash advance conferences and trade events.

The SEC alleges that from at the very least March 2006 to September 2010, Clark and also the effect organizations raised funds from investors for the reported purposes of funding payday advances, buying listings of leads for cash advance clients, and having to pay Impact’s running costs. Effect would not circulate a placement that is online bad credit az private or some other document disclosing the type associated with the investment or the dangers included to investors. The SEC’s complaint charges Impact and Clark with fraudulently attempting to sell securities that are unregistered.

Based on the SEC’s issue, Clark regularly changed investor account statements provided to him by Impact’s accounting division to generate artificially high yearly prices of return. The account that is altered with purported earnings had been then provided for investors. Account statements to clients revealed annualized returns varying from 30 percent to a lot more than 200 per cent.

Aside from 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 an initial and permanent injunction because well as disgorgement, prejudgment interest and economic charges from influence and Clark.

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

To find out more relating to 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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