Recently, the Utah Attorney General's Office filed fraud charges against an Ogden businessman accused of bilking hundreds of investors out of more than $140 million. State securities investigators have alleged that Val Southwick, 62, emphasized his LDS membership while soliciting investors in what prosecutors call a massive Ponzi scheme. Southwick is scheduled to be arraigned March 24.

Barlow said the weight of the LDS Church's statement may be lost on those perpetuating schemes, because they believe the "investment opportunity" will work this time.

"They won't think it applies to them because they're aren't doing it," she said. "They think, 'Yes, you should go after these bad guys, but I'm not one of them."'

Giani hopes those looking to put their money in someone's investment will listen and do their homework, making sure people are licensed and have clean records. Such information can be found by visiting the state's Web site at commerce.utah.gov.

"As a member of the faith, it is always a tragedy to me to uncover many of the details (of a fraud scheme). Frankly, I am much less tolerant of those kinds of situations, because technically we should know better," Giani said.

In its statement, the First Presidency urged its members to know the risks of investing.

"While all investments carry an element of risk, that risk can be managed by following sound and proven financial principles: first, avoid unnecessary debt, especially consumer debt; second, before investing, seek advice from a qualified and licensed financial advisor; and third, be wise."

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E-mail: bwinslow@desnews.com