Yet another Utah Scam

[The White Coat Investor]

Don't invest with companies in Utah, especially if they're promising an 18% return. I swear I live in the scam capital of the world.

SALT LAKE CITY — Two West Jordan residents admitted Tuesday to federal charges alleging they defrauded hundreds of investors of $140 million.

Wayne LeMar Palmer, 61, pleaded guilty in U.S. District Court to wire fraud and money laundering. His cousin and co-defendant, Julieann Palmer Martin, admitted to misprision, or deliberately concealing knowledge, of a felony.

A grand jury handed down a 48-count indictment against the two in August 2015.

Palmer and Martin both worked at National Note of Utah, a firm Palmer started in 1992. According to the indictment, Palmer told more than 600 investors that their real estate investments were safe and guaranteed. He also claimed National Note was profitable, generated at least 18 percent returns on investments and was never late paying an investor.

http://www.ksl.com/?sid=43276300&nid=148

[G]

I thought this was going to refer to skiing and "The Greatest Snow on Earth."

--Hugs/Kisses from Lake Tahoe

[The White Coat Investor]

G wrote:

I thought this was going to refer to skiing and “The Greatest Snow on Earth.”

–Hugs/Kisses from Lake Tahoe

Click to expand...

Eat your heart out. This is 8 miles away from my house. How far is Tahoe from yours?

[G]

8.1 miles from my door.  You got me beat on distance, I suppose.

SNOW REPORT

Updated: 02/24 01:14pm
First Update @5:30am

FULL SNOW/GROOM REPORT >

Conditions change quickly and may change between the time you view this report and the time you arrive on snow.

CURRENT CONDITIONS

21°

Sunny

Winds

Base: Very Light (5-10mph)

Summit: Light (10-15mph)

SNOW TOTALS

New Snow

1"

Storm Total

76-82"

Base Depth
(average)

220"

Season Totals

640"

[The White Coat Investor]

I went touring today. There's no such thing as too much powder, but there is such a thing as too much powder for my skis and the angle of the slope. I was literally poling to move downhill as I pushed snow from my waist down. Would have been awesome to have been able to get on something really steep, but avalanche danger was still moderate.

A good winter every where this year it seems.

[Shamwow]

Not quite a great winter everywhere...

My kids have their last downhill race of the season tomorrow... but our top of mountain cam shows we need water skis to get to the top of the snow with current thunder and lightning...

Skiing on almost strictly man-made "north carolina powder" all year.

Can't wait for spring break at steamboat!

 

[RyanHampel]

A guaranteed 18% return. That is Bernie Madoff levels of promises that are completely unattainable.

[The White Coat Investor]

I think Bernie only promised 12%. Much more believable.

[adventure]

Ahhh, Alta. That explains it. I'd wondered. Nice snow there.

[chrisCD]

Speaking of Alta, we took a week long trip there for many years when I was growing up.  The lift tickets were ridiculously inexpensive and there was a no-frills lodge right at the resort.

We live about 2-hours from Tahoe unless it is snowing.  We went in January and it took us 5 1/2 hours.

 

Speaking of Utah and scams, is the barrier to entry for businesses lower or is their lots of $ and people that just don't pay attention?

 

cd :O)

[The White Coat Investor]

It is a business friendly state (particularly banking) but I don't really know the reason why so many scams come out of here.

There are a few articles on the web about it though:

http://www.deseretnews.com/article/865665746/Utahs-fraud-epidemic-Victims-share-anger-embarrassment-hurt.html

http://talkingpointsmemo.com/theslice/mormon-utah-valley-multilevel-marketing-thrive-doterra

http://archive.sltrib.com/story.php?ref=/sltrib/money/54326272-79/malpede-fraud-utah-fbi.html.csp

Even our panhandlers are running a scam:

https://www.ksl.com/?sid=27782692

[Complete_newbie]

The White Coat Investor wrote:

It is a business friendly state (particularly banking) but I don’t really know the reason why so many scams come out of here.

There are a few articles on the web about it though:

http://www.deseretnews.com/article/865665746/Utahs-fraud-epidemic-Victims-share-anger-embarrassment-hurt.html

http://talkingpointsmemo.com/theslice/mormon-utah-valley-multilevel-marketing-thrive-doterra

http://archive.sltrib.com/story.php?ref=/sltrib/money/54326272-79/malpede-fraud-utah-fbi.html.csp

Even our panhandlers are running a scam:

https://www.ksl.com/?sid=27782692

Click to expand...

Alot of crowdfunding type of platforms use webbank and that is housed in Utah. For example Lending club uses Webbank.

What is up with the banking laws there?

[mobilehomegurl]

Yikes! Good to know. Thanks for the warning!