SALT LAKE CITY -- The Securities and Exchange Commission has filed a court order to freeze the assets of two loan companies and their owner, accused of masterminding a $47 million Ponzi scheme.
John Scott Clark, of Hyde Park, is accused by the SEC of raising more than $47 million between March 2006 and September 2010 from 120 investors in a fraud and Ponzi scheme through his two businesses, Impact Cash LLC and Impact Payment Systems LLC.
The SEC said Monday that Clark, 58, promised investors returns of up to 80 percent annually and told them their money would be kept in separate bank accounts and used to fund payday loans.