Kip Cashmore Made A Killing In A Huge Ponzi Scheme That Defrauded 500 People Out Of $8 Million
- Swallow Said “He Would Go To Bat For Them With Federal Consumer Protection Regulators.” “[…] Swallow told payday lenders he would go to bat for them with federal consumer protection regulators if elected attorney general. ‘I am ready and willing to help lead out on that,’ he wrote in a , email to Kip Cashmore, a payday loan industry leader.” [Dennis Romboy and Richard Piatt, “Swallow ‘outright broke’ the law for political gain, investigators say,” KSL, ]
The Candidate Funneled Hundreds Of Thousands Of Dollars In Campaign Contributions From The Payday Industry Through A Web Of Non-Profit Groups, Including $100,000 From Cashmore’s Company.
“Mr. Swallow and his campaign, they say, exploited a web of vaguely named nonprofit organizations in several states to mask hundreds of thousands of dollars in campaign contributions from payday lenders. And affidavits filed by the Utah State Bureau of Investigation suggest that Mr. Powers may have falsified tax documents submitted to the Internal Revenue Service. ‘What the Swallow case raises is the possibility that political money is never really traceable,’ said David Donnelly, executive director of the Public Campaign Action Fund which advocates stricter campaign finance laws.” [Nicholas Confessore, “A Campaign Inquiry in Utah Is the Watchdogs’ Worst Case,” The New York Times, ]
John Swallow Set Up “A Web Of Vaguely Named Nonprofit Organizations” To “Mask Hundreds Of Thousands Of Dollars” In Payday Lender Money
The Entities Set Up To Collect Money For Swallow From Payday Lenders Totaled Hundreds Of Thousands Of Dollars, Including $100,000 from Kip Cashmore’s Company.“Between , Utah’s Prosperity Foundation contributed $262,000 to Mr. Swallow’s campaign, more than one of every six dollars he raised. About $30,000 in contributions to the foundation during the campaign came from four out-of-state payday companies. But the biggest payday contributions went into the new nonprofit. The Proper Role of Government Education Association collected $452,000 during the campaign, most of it from the payday industry. Mr. Rawle himself allegedly provided $100,000 in secret money to Mr. Swallow’s effort. Mr. Cashmore’s company and others provided about $100,000.” [Nicholas Confessore, “A Campaign Inquiry in Utah Is the Watchdogs’ Worst Case,” The New York Times, ]
Kip Cashmore Made A Whopping $475,000 Profit In A Huge Ponzi Scheme That Defrauded 500 People Out Of $8 Million.
Kip Cashmore, An “Amway Contractor,” Made A Whopping $475,000 Profit From A Ponzi Scheme. “A bankruptcy probe has reclaimed enough of Wayne Ogden’s assets to return $1 million to the victims of his real estate scam. Bankruptcy trustee Steve Bailey promises there will be even more when he recovers millions from Ogden’s former business partners and others who profited from the scheme. That includes $1.7 million from Josh Christensen, $458,000 from Dar Nelson, and $475,000 from Amway contractor Kip Cashmore. [“Victims of Ogden scheme will get paid back,” Associated Press, ]
His campaign strategist, Jason Powers, both established the groups — known as 501(c)(4)s after the section of the federal tax code that governs them — and raked in consulting fees as the cash moved between them
The Head Of The Ponzi Scheme Went To Prison For Defrauding 500 People Out Of $8 Million. “Ogden was sent to prison in July of 1998 for an investment proposal investigators said was a Ponzi scheme. He was granted a parole date when he promised to pay all his victims back. Investigators estimated as many as 500 people were scammed out of $8 million between 1995 and 1997. Some of the jilted investors forced Ogden into bankruptcy in 1997, and since then 425 victims have filed claims worth $6.5 million with the bankruptcy court in Salt Lake City.” [“Victims of Ogden scheme will get paid back,” Associated Press, ]