SEC Alleges 3 Ponzi Schemes in Utah

SALT LAKE CITY (CN) – A Mormon preyed upon his coreligionists in a $12 million Ponzi scheme – actually in three Ponzi schemes – the SEC claims in Federal Court. The SEC claims Anthony Zufelt ran the Ponzi schemes with Joseph A. Nelson, in Zufelt’s companies, Zufelt Inc., and Silver Leaf Investments, in Nelson’s companies, JCN Inc., JCN International, and others.

     The men persuaded more than 100 people they would get up to 220 percent returns in short order if they threw money at their companies, the SEC says.
     The SEC did not sue Nelson in this federal complaint, but it sued Zufelt and his ex-wife, Jennifer Zufelt, to whom he allegedly gave $66,000; his “current girlfriend,” Shae Morgan, to whom he allegedly gave $50,000; and his brother-in-law Garth Jarman Jr., to whom he allegedly gave $61,000.

%d bloggers like this: