In Utah there has been an estimated $2 billion in purported scams. Here are some significant cases.
According to the SEC, this father son duo misled about 225 investors to raise more than $220 million since 2008.
Management Solutions was the name of their program. They said they bought apartment complexes with low residency rates, then revamped and resold them. Promises made to investors about returns were untrue, and the program was a ponzi scheme.
The SEC said that the Jacobsons appeared to be using their membership on the LDS church to win trust and make connections.
The indictment says that Dudley induced individuals to invest in his various programs, such as mining speculation, European stock options, and a human jetpack rocket suit.
He promised huge return on investment. According to FBI reports, 75-100 investors gave him $12 million by 2010.
He used the money from new investors to pay old investors, also called a ponzi scheme. He also used the money to buy things for himself, like two homes, one for $1.5 million, located in Sandy.
Koerber allegedly started a Ponzi scheme that took $100 million from investors.
He created a series of seminars encouraging people to make money through a real estate program called "Equity Mill." Reports say $50 million went too make ponzi payments.
According to FBI reports, he used the investment funds to spend $1 million on expensive cars and $5 million on making movies, among other things.
Mendez worked at Hill Air Force Base. According to the FBI, he was offered over $1.2 million in bribe money to give non-public information out to help another company secure government contracts.
He admitted that from 2008 to 2011, he had received almost $200,000 in payments and other things of value in return for his giving this company favorable treatment and government information.
Through their company Art Intellect Inc., this couple, along with others, raised $2.5 million from 75 investors in a classic ponzi scheme.
They told investors they were buying distressed properties, rehabilitating them, and then renting them out. They promised 10-30% profits per month.
The investments were actually used for personal expenses, like a personal chef and cruises, according to the Salt Lake Tribune, and to purchase properties for earlier investors.
Morris owned E & R Holdings, Wise Financial Holdings and Momentum Leasing, and made promises he did not keep to raise almost $60 million.
The Deseret News reported on how Morris got one partner:
"Morris initially told Haley (the partner) he could not join the fund unless an existing investor died. Less than a week later, he called Haley with news that an investor had died and Hayley could join if he raised $500,000 in three to five days, which he did."
According to FBI reports, Day admitted to misappropriating $1 million in county funds to pay off personal debt.
Haycock cycled about 75 houses through a straw-buyer scheme.
He will spend 66 months in prison, according to FBI reports, and was ordered to pay almost $2.5 million in restitution, along with other defendants.
Mortgage fraud is a big issue in Utah.
Mowen pleaded guilty to wire fraud in a foreign currency trading program.
The program was a ponzi scheme. He received $18 million from 200 investors.
The U.S. Marshall's service held an auction to sell off Mowen's car and boat collection, which he gained from his scheme.
According to FBI reports, he agreed to forfeit $3 million of personal property to pay restitution to the hundreds of victims. He will also do significant jail time.
Wright raised nearly $145 million for his Waterford Loan Fund, LLC, from 175 investors.
Among other things, it was alleged that he assured investors that his loans would be used for real estate, when they were not. He also said investor promissory notes were secured by interests in a trust that did not exist. The notes were not secured.
Court papers in January of 2011 said that $15 million was used for personal use. He bought a Holladay home from former NBA basketball player Jeff Hornacek, and gave his wife $20,000 a month.
He faces ten years in prison.