SALT LAKE CITY (CN) – The receiver for the bankrupt VesCor Ponzi scheme has sued 19 people and a corporation in Federal Court, claiming they sold securities for and profited from the multiyear, multimillion-dollar scam.
Val Edmund Southwick started the VesCor Ponzi scheme in 1990, and ran it until it collapsed in 2006, despite being sanctioned twice for securities violations. When the house of cards tumbled, VesCor include more than 150 shell entities that owed money to more than 800 victims. Southwick pleaded guilty to nine counts of securities fraud in March this year, and was sentenced to nine consecutive terms of 1-15 years in prison.
The SEC also sued Southwick and the VesCor entities and appointed the plaintiff-receiver in this case to recover assets.
Here are the defendants: Albert Clark Alvey, Scott Francis Barben, Michael Lee Child, George Edward Dennis, Christopher John Guter, Craig Hansen, James Kelly Hansen, Raul Hevia, Travis John Hudak, John Scott Irwin, David William James, Clive Pace, James Michael Romera, Glen David Stacey, Stipek Securities – a California company, Steven Robert Summers, Martin Johanne Van Amen, Christopher Zockoll, and Corey Zimet.