Monday, December 27, 2010

Utah Man Indicted in Georgia for Running a $30 Million Ponzi Scheme

Thomas Repke, 57, of Holladay, Utah, was indicted on charges he and a co-conspirator bilked at least 100 investors out of as much as $30 million in a Ponzi-type investment fraud scheme. Repke, through his companies, Coadum Capital and Mansell Acquisition Co., promised investors as much as 5 percent per month returns on investments allegedly made by him and a co-conspirator, James Jeffery, 58, of Ontario, Canada. Instead of investing the funds as promised, Repke and Jeffery allegedly transferred "substantial sums of money to themselves and more than $20 million to accounts in Switzerland and Malta for their own benefit. The scheme spanned approximately 2 years between January 2006 and December 2007, according to reports. The two were charged with 22 counts of mail fraud, wire fraud and conspiracy to which they plead not guilty.

Read the story here and here.

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