A judge on Friday ordered a loan brokerage company to temporarily stop doing business in Utah after the state became concerned about deals offered to governments.
State officials say Imperial Trust had offered to help local governments obtain money through a complicated joint venture involving a Swiss bank. Officials were told their governments could earn the money without obligation or risk.Ten municipal- and county-level governments reportedly were ready to accept the deal, prompting the state to ask 3rd District Court Judge Homer F. Wilkinson for a temporary restraining order.
State officials are skeptical about what sounds like a get-rich-quick scheme for governments and said the company should register with the state if it is selling securities.
A hearing before Wilkinson is scheduled Thursday at 8:30 a.m.