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SALT LAKE CITY -- Ponzi schemes are disproportionately common in Utah, mainly because of what is referred to as "affinity" fraud, when a con artist preys on a group of people who share a common bond, like religion.
Related:
Sunday Edition: The future of the oil industry, fraud in Utah
In this Sunday Edition, KSL's Richard Piatt discusses the impact of the recent oil spills in Salt Lake and the Gulf with the president of Utahns for a Healthy Environment, Dr. Brian Moench and president of the Utah Petroleum Association, Lee Peacock. In addition, Michael Hines, director of Enforcement for the Utah Division of Securities and attorney Brent Baker joined us for a conversation about the growing number of fraud cases in Utah.Last year, fraud losses approached $1.5 billion and damaged the lives of over 4,000 families in Utah.
Nearly a dozen state and federal agencies recently joined forces to crack down on fraud.
Already, the Utah Securities Task Force is investigating more than 100 cases. "We have zero tolerance for crime, including white-collar crime," said Utah Gov. Gary Herbert.
They have also launched a billboard campaign and public service announcements.
The first annual National Fraud College will take place at Utah Valley University on June 30. The conference is free and will focus on fraud prevention and awareness.
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Email: cmadsen@ksl.com
