Greg Smith and Associates, Criminal Defense Attorneys

Salt Lake City (Murray)
Free 15 Min. Consultation  :  Nights & Weekends  :  Easy Payments

801-651-1512  -  24/7

Free 15 Min. Consultation 24/7

801-651-1512

We Can Help You Now

Call 801-651-1512   Call Now 24/7 Free 15 Min Consultation: 24/7, nights & weekends
Typically No Retainer - Easy Payments!*

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Feedback From Satisfied Clients

"The domestic violence and DUI crimes that I was charged with would have ruined my career. Thank you for saving me! You are worth every penny I paid you."

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Office Location

Salt Lake City Office
111 E. 5600 S. #105
Murray, UT 84107

Telephone: 801-651-1512
Fax: 801-255-2134
Salt Lake City Law Office Map



Utah No. 5 on FBI List for Ponzi Schemes


In 2010, the FBI said its Salt Lake City office was one of its top five hot spots for Ponzi schemes. This year, the investigation firm Marquet International placed Utah at No. 5 for what it calls a "Ponzi Propensity Ratio."

A Ponzi scheme is a form of investment fraud, when funds from new investors—rather than business profits—are used to pay back initial investors. This gives the appearance that a business is profitable when it may not be profitable at all.

Marquet compiled information on 329 Ponzi cases since 2002 and looked at the percentage of Ponzi fraud per state divided by that state’s percentage of the nation’s gross domestic product (GDP). That put Utah on the chart, right behind New York, Minnesota, Texas and Florida. While Utah did not have any extremely large Ponzi cases, approximately $646 million was involved overall in 11 cases.

In 2010, a Utah Securities Fraud Task Force investigated allegations of all types of financial fraud (not just Ponzi schemes). It found that more than 4,400 investors had fallen prey to questionable investment opportunities or business practices, resulting in the loss of $1.4 billion.

The most common victims of Ponzi schemes are the elderly, but in Utah, almost half of all financial fraud cases have targeted members of the LDS Church (Church of Jesus Christ of Latter Day Saints). People intending to defraud others may do so more successfully by using common interests and emotional ties to attract investors and build trust.

But Ponzi schemes do not always arise from bad intentions. Sometimes a business owner whose business is not able to pay out the profits he or she has promised feels pressured to show investors that their trust has not been misplaced. Such owners "borrow" from new investors to pay past investors, intending to pay everyone when the business grows. Unfortunately, this poor business decision can easily backfire if the business does not grow as planned.

Business owners who find themselves in this situation can benefit from the advice of a criminal defense attorney who understands how white collar crimes are charged. There may be actions a business owner can take pre-emptively to avoid criminal charges. If charges have already been filed, a strong defense will be essential.

Marquet has a number of suggestions for investors, primarily focused on being skeptical. Most notably, be wary of investment programs that seem to target a specific religious group, of guaranteed returns and of too-regular financial returns if you know that your investment is in a volatile market.

Clients with disabilities or impairments

Access to our office is available to clients and their family members at all times. Special equipment and communication devices are available upon request for our clients with visual, hearing, speech and physical impairment. In addition, arrangements can be made for verbal or sign language interpreters if needed to communicate between our attorneys and the client and family. Please notify our law office if any additional accommodations related to your disability or impairment are necessary to make your consultation more comfortable.

I understand that I am contacting a corporation, not an individual, and that if I do business with the law firm, it will be with that corporation, not any individual(s). I understand that Greg Smith and Associates is not the legal name of the law firm, rather, it is "Affordable Legal Advocates, PC." I also understand that whatever may relate to, or arise out of, any communication with the law firm, which results in any type of legal action, such must be brought in the Third District Court of Utah, West Jordan Department, and that this is mandatory not permissive.

We Can Help You Now

Call 801-651-1512   Call Now 24/7 Free Consultation: 24/7, nights & weekends
Typically No Retainer - Easy Payments!*

Use our secure private form

I have read the disclaimer.

Feedback From Satisfied Clients

"The domestic violence and DUI crimes that I was charged with would have ruined my career. Thank you for saving me! You are worth every penny I paid you."

More Testimonials >

Avvo Clients' Choice Award. 5 Stars
5 Star Rating


   Review Us On Google

Office Location

Salt Lake City Office
111 E. 5600 S. #105
Murray, UT 84107

Telephone: 801-651-1512
Fax: 801-255-2134
Salt Lake City Law Office Map




Greg Smith and Associates, Criminal Law Attorneys, located in Salt Lake City (SLC), also represents clients from communities such as Provo, Orem, Payson, Ogden, Park City, Sandy, Draper, West Valley City, Bountiful, Murray, West Jordan, Taylorsville, Farmington, Alta, Bluffdale, Cottonwood Heights, Draper, Herriman, Holladay, Midvale, Murray, Riverton, Sandy, South Jordan, South Salt Lake, Taylorsville, West Jordan, West Valley City and Richfield; and counties including Salt Lake County, Summit County, Tooele County, Sevier County and Davis County, Utah.

Typically No Retainer - Easy Payments. *Call for details.


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Disclaimer

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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