SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Businesses

SEC Halts $47 Million Investment Fraud at Utah-Based Cash Advance Businesses

FOR IMMEDIATE LAUNCH 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 comes back of 80 per cent to their assets in their businesses – Impact Cash LLC and Impact Payment Systems LLC. […]