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Utah man charged with running $100M Ponzi scheme

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  • casual observer Salt Lake City, UT
    June 25, 2012 4:09 p.m.

    Thanks to the DN for keeping these crooks in the spotlight. The more informed Utahns are the smaller the audience for scam criminals.

  • Reasonable Person Layton, UT
    June 25, 2012 4:32 p.m.

    It's too bad that people keep falling for these things.

    More affinity fraud -- right?

  • RedneckLefty St. George, UT
    June 25, 2012 4:56 p.m.

    Geez, another ponzi scheme? We'll never run out of crooks, but you'd think that we'd eventually run out of idiots who give them money.

  • Ms Molli Bountiful, Utah
    June 25, 2012 5:13 p.m.

    This is becoming laughable in Utah. Did y'all really think you could make a 12% return in this economy? How must does greed play into your day-to-day decision making?

  • idablu Idaho Falls, ID
    June 25, 2012 5:47 p.m.

    There is another Palmer who ran a $80 million Ponzi scheme here in Idaho Falls who is now serving time. Hmm. Related?

  • Dadof5sons Montesano, WA
    June 25, 2012 6:27 p.m.

    This what I hated the most when I lived in Utah. Every time you turn around it seams like your neighbor or some one is trying to sell you Amway or some other pyramid ponzi scam. I have never seen it like that any were else I lived in the United states.

  • Aggielove Cache county, USA
    June 25, 2012 6:48 p.m.

    Utah at its finest

  • Schwa South Jordan, UT
    June 25, 2012 8:11 p.m.

    Utah will never run out of ponzi schemes.

  • peter Alpine, UT
    June 25, 2012 8:25 p.m.

    Now, the lame-duck DOJ needs to take proper action against this guy. I was scammed for 50K, and Utah's DOJ did nothing more than tell me it was a civil case, which meant it would go nowhere. This and other similar experiences with the judicial system have taught me that justice does not exist in our courts.

  • Max Charlotte, NC
    June 26, 2012 7:44 a.m.

    We have a crisis of economic illiteracy in this country. People do not understand the relationship between risk and return. They do not understand where these returns come from. They do not understand that when returns are excessively high, they are dealing with either a risky investment or a scam. And when these high returns are "promised" they are definitely dealing with a scam. A promised return of 12% should have sent these people running the other way.

  • Cats Somewhere in Time, UT
    June 26, 2012 8:17 a.m.

    ANYONE who promises you any specific return on investment is a FRAUD! Why don't people learn that?

  • Noodlekaboodle Salt Lake City, UT
    June 26, 2012 3:26 p.m.

    @Cats
    The one exception (generally) is a CD account. But a great CD rate back in the day was still only 3% or 4% for a 5 year deposit.