Chase Enabled Ponzi Scheme, Victim Says

SALT LAKE CITY (CN) - Robert Casey Hall ran a $9 million Ponzi scheme with the assistance of JP Morgan Chase Bank and two Chase employees, claims an investor who says he lost his house to the fraud.

Plaintiff Michael Ryan Thompson says Chase extended him a $100,000 business loan that he opened to invest in Hall's fraudulent RCH2 "fund," and that Hall and his associates drained that account, forcing him to take out a home equity loan to try to pay off the business loan. He lost his home, Thompson says.

Thompson claims defendant Eric Wheeler conspired with Hall, while Wheeler was Chase's small business banking relationship manager at Chase's Salt Lake City Broadway branch. Hall allegedly lost $9 million in futures trading, and ran a classic Ponzi scheme, using new money to pay off old, conning people into giving him money by promising 5 percent monthly returns.

Thompson is represented in Federal Court by Strong & Hanni.

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