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UTAH COUNTY -- Five men are accused of bilking investors out of $59 million. Most of the alleged victims were from Utah County.
According to the Deseret News, investigators say the five men - four from Utah --operated an online payday loan business called Money & More. Court documents show one of the men, Larry O. Bosh, of St. George, set up Evolution Development to solicit funds for the investment arm of Money & More. They heavily recruited investors for $59 million.
Prosecutors say the men stopped making payments to the investors in November 2008.
The following suspects face charges including securities fraud, pattern of unlawful activity, unregistered securities agent, pattern of unlawful activity and money laundering:
- Larry O. Bosh, of St. George
- D. Shawn Benson, of Ivins, Washington County
- Michael J. Smith, of Mona, Juab County
- Gale Robinson, of San Jacinto, Calif.
David Q. Poulsen, of Salem, is facing two counts of securities fraud and one charge of unregistered securities agent.
Utah County prosecutors are the ones filing the charges because a majority of the alleged victims are from Utah County. Prosecutors say victims are still coming forward. An investigator previously told the Deseret News there were hundreds of victims.
