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Utah company was $100M Ponzi scheme, SEC says

Utah company was $100M Ponzi scheme, SEC says

By Tom Harvey
The Salt Lake Tribune

Published Jun 25, 2012 03:07PM MDT

Federal regulators on Monday accused a Utah businessman of running a Ponzi scheme that took in $100 million from 600 investors while guaranteeing 12 percent returns on real estate investments.
Wayne LaMar Palmer, 57, West Jordan, and his company, National Note of Utah, were named in a lawsuit filed by the Securities and Exchange Commission’s Salt Lake City office.
Utah has been hit with a series of Ponzi schemes in the past five years, several of them involving more than $100 million and two o...

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