Tuesday, December 27, 2011

Mormon Ponzi Scheme

Utah: FBI agents closed a prominent real estate management business here Thursday and began removing documents pertaining to the investigation of what the U.S. Securities and Exchange Commission calls a “$220 million Ponzi scheme.”

The SEC claims Wendell and Allen Jacobson used their LDS Church membership to gain the trust of investors.

A statement by the SEC says Jacobson, and his son Allen, 33, “offer investors the opportunity to share ownership of large apartment communities in eight states," but instead "are merely pooling the money raised from investors into large bank accounts from which they are siphoning money to pay family expenses and the operating expenses of their various companies.”

Read More: Wendell Jacobson

The father and son “raised more than $220 million from approximately 225 investors through a complex web of entities under the umbrella of Management Solutions, Inc.,” the SEC alleges.


  1. I feel that is among the such a lot vital information for me.
    And i'm glad studying your article. However want to remark on some common things, The site taste is perfect, the articles is in reality excellent : D. Good activity, cheers

    My weblog exercises for vertical leap

  2. Picking out the Best High definition Prices

    Also visit my blog post ... urban

  3. Viore Lcd19vh65 19-inch Lcd High definition tv With Built-in Dvd and blu-ray Player

    Also visit my website :: subhuman

  4. Good blog post. I want to thank you for interesting and helpful information and I like your point of view. Thank you!

  5. I wanted to thank you for this excellent read!! I definitely loved every little bit of it. I have you bookmarked your site to check out the new stuff you post.

  6. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success in your business.

  7. Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is fantastic, let alone the content!

  8. Michael Kors Handbags Sale Clearance can be found in many different places unlike other luxury handbags.
    Michael Kors Outlet Online are great for any occasion.
    Michael Kors Factory Outlet is perfect for those who like to carry fashion bags.
    Michael Kors Bags Outlet are always great to own when you need a bag to go with everything.
    Michael Kors Outlet Online is so universal that it could appeal to everyone.

  9. Trying to decide between sneakers and heels is like choosing between sugar and carbs on your period new balance work shoes womens