Still surprised that Hammons has people telling the judge what an honorable man he is
By: What will it cost us
William J. Hammons, 67, was sentenced on Friday after being convicted in February of seven counts of felony fraud. Hammons worked with Boss Godfrey crony Val E. Southwick, an Ogden businessman now in prison for a real estate investment scheme that bilked hundreds of investors out of more than $180 million. He received a year in jail and was ordered to pay restitution.
Still surprised that he has people telling the judge what an honorable man he is; but his victims wanted more jail time.
Showing posts with label Southwick Ponzi Scam. Show all posts
Showing posts with label Southwick Ponzi Scam. Show all posts
Sunday, April 17, 2011
Friday, February 25, 2011
Salt Lake Tribune: Hammons Found Guilty in Massive Ponzi Scheme - Updated
Hammons played a major part in a classic case of affinity fraud as it is so widely practiced here in Utah amongst the faithful
By: Ozboy
The Salt Lake Tribune is reporting about William Hammons being found guilty in St. George last night for being a criminal perpetrator in Utah's biggest ponzi scheme ever:
For you who haven't been following this case, it was all about a big time scamster in Ogden named Val Southwick, who over ten years or so ripped off over a hundred million dollars from several hundred or so suckers - most associated with the LDS Church, as was he. It's a classic case of affinity fraud as it is so widely practiced here in Utah amongst the faithful.
Southwick is now doing most likely forever in the Utah State Joint. At his sentencing last year there was a long parade of witnesses who had their life savings stolen from them. And then there was Ogden's mayor, yep none other than Matt Godfrey - who never met a scammer or ponzi scheme he didn't absolutely love - and who testified FOR and to the good character of Mr. Southwick and begged the judge not to send his friend and mentor away to the nasty old prison that was really meant for bad guys, not fellow priesthood holder/scam artists!
To refresh your memories, here's the original (and incredible) 2008 KSL News Southwick post-sentencing hearing video story, wherein Godfrey "vigorously" (and unabashedly) goes to bat for one of his "bestest" scammer buddies:
This Hammons fellow in St. George was the biggest hustler for Southwick and delivered up a whole bunch of suckers from St. George to be fleeced by the aforementioned high priest/lying thief and mayoral buddy. Turns out that Hammons is, or at least was, a Bishop and fellow High Priest leader - just like Southwick and Mayor Godfrey.
The upshot of this is that the KSL site and the Standard apparently do not find this big story all that big, and certainly not worth a mention in their publications today. So unless Ogden folks read the Salt Lake Tribune they will never know that another big time church leader was found guilty of felonies committed against fellow church members on a very grand scale. My guess is the mayor is pleased that this story has no legs in the Standard, lest the citizens once again get reminded of just who, and how sleazy his bestest buddies really are!
Update 2/26/11 4:36 a.m.: Per Curmudgeon we're informed that "the SE now has the Hammons conviction story up... the AP report":
By: Ozboy
The Salt Lake Tribune is reporting about William Hammons being found guilty in St. George last night for being a criminal perpetrator in Utah's biggest ponzi scheme ever:
For you who haven't been following this case, it was all about a big time scamster in Ogden named Val Southwick, who over ten years or so ripped off over a hundred million dollars from several hundred or so suckers - most associated with the LDS Church, as was he. It's a classic case of affinity fraud as it is so widely practiced here in Utah amongst the faithful.
Southwick is now doing most likely forever in the Utah State Joint. At his sentencing last year there was a long parade of witnesses who had their life savings stolen from them. And then there was Ogden's mayor, yep none other than Matt Godfrey - who never met a scammer or ponzi scheme he didn't absolutely love - and who testified FOR and to the good character of Mr. Southwick and begged the judge not to send his friend and mentor away to the nasty old prison that was really meant for bad guys, not fellow priesthood holder/scam artists!
To refresh your memories, here's the original (and incredible) 2008 KSL News Southwick post-sentencing hearing video story, wherein Godfrey "vigorously" (and unabashedly) goes to bat for one of his "bestest" scammer buddies:
Video Courtesy of KSL.com
This Hammons fellow in St. George was the biggest hustler for Southwick and delivered up a whole bunch of suckers from St. George to be fleeced by the aforementioned high priest/lying thief and mayoral buddy. Turns out that Hammons is, or at least was, a Bishop and fellow High Priest leader - just like Southwick and Mayor Godfrey.
The upshot of this is that the KSL site and the Standard apparently do not find this big story all that big, and certainly not worth a mention in their publications today. So unless Ogden folks read the Salt Lake Tribune they will never know that another big time church leader was found guilty of felonies committed against fellow church members on a very grand scale. My guess is the mayor is pleased that this story has no legs in the Standard, lest the citizens once again get reminded of just who, and how sleazy his bestest buddies really are!
Update 2/26/11 4:36 a.m.: Per Curmudgeon we're informed that "the SE now has the Hammons conviction story up... the AP report":
Monday, September 14, 2009
The LDS Church Returns $200 K in Ill-gotten Val Southwick Gains
Sodden prediction: There goes Southwick's Temple Recommend
Amidst another slow news Monday morning, we'll lift another story from yesterday's Standard-Examiner news queue. We've expended substantial electronic ink over the past couple of years covering the Val Southwick Ponzi scam; and as always, we'd like to keep our archival history fully updated.
So here's the most recent Val Southwick story, in which Tim Gurrister reports that the LDS Church has entered into an agreement with the federal Securities and Exchange Commission to disgorge $202,761.74 in tithing, which Boss Godfrey's bestest buddy (Southwick, of course) paid over to the LDS Church during the period 2001 through 2006:
We'll go out on a limb and predict this: There Goes Southwick's Temple Recommend.
Dang!
Amidst another slow news Monday morning, we'll lift another story from yesterday's Standard-Examiner news queue. We've expended substantial electronic ink over the past couple of years covering the Val Southwick Ponzi scam; and as always, we'd like to keep our archival history fully updated.
So here's the most recent Val Southwick story, in which Tim Gurrister reports that the LDS Church has entered into an agreement with the federal Securities and Exchange Commission to disgorge $202,761.74 in tithing, which Boss Godfrey's bestest buddy (Southwick, of course) paid over to the LDS Church during the period 2001 through 2006:
• Swindler's tithing returnedWhat will be the next step in the Val Southwick saga, aside from the further rounding up of other culprits and co-perpetrators who aided and abetted Southwick in his $142 million Ponzi ripoff?
We'll go out on a limb and predict this: There Goes Southwick's Temple Recommend.
Dang!
Wednesday, February 04, 2009
Std-Ex: Southwick Investor Fraud Case Broadens
But the Std-Ex drops the ball, and inexplicably omits key material facts
By Curmudgeon
In this morning's Standard-Examiner, there is a long story, by Tim Gurrister, reporting that "Two Val Southwick cohorts have been charged as accomplices in the financial escapades that landed the Ogden financier in prison this year. William J. Hammons, 64, an investment counselor in St. George, was charged last week in the 5th District Court in Washington County with multiple counts of fraud." Sad to report, the Standard Examiner has dropped the ball on this story, however.
Nowhere in the story, will readers of the SE learn that Mr. Hammons was bishop of his LDS ward in Las Vegas. That would not be a problem if Mr. Hammon's role as an LDS bishop was unrelated to the crimes he is alleged to have committed. If his status as bishop of a ward in Las Vegas was wholly unrelated to what he's charged with doing, throwing it in as anything but an aside would have opened the paper to the charge of Mormon-bashing.
But, sadly, yesterday's SL Trib story makes clear what the SE failed or refused to report: Hammons is alleged to have traded on his position as bishop to peddle Ponzi scheme investments to his co-religionists. His religious affiliation and his religious post are important elements of the story and the allegations made against him, not irrelevant incidentals.
In reporting crime stories, it's the SE's job to report all the significant elements of the story it has discovered to its readers. It is not its job to coddle the religious sensibilities of many of its readers by deleting important parts of stories because they may find those details uncomfortable, embarrassing or disconcerting. I suspect that may have happened in today's SE story. It shouldn't have.
Reader comments are invited, as always
By Curmudgeon
In this morning's Standard-Examiner, there is a long story, by Tim Gurrister, reporting that "Two Val Southwick cohorts have been charged as accomplices in the financial escapades that landed the Ogden financier in prison this year. William J. Hammons, 64, an investment counselor in St. George, was charged last week in the 5th District Court in Washington County with multiple counts of fraud." Sad to report, the Standard Examiner has dropped the ball on this story, however.
Nowhere in the story, will readers of the SE learn that Mr. Hammons was bishop of his LDS ward in Las Vegas. That would not be a problem if Mr. Hammon's role as an LDS bishop was unrelated to the crimes he is alleged to have committed. If his status as bishop of a ward in Las Vegas was wholly unrelated to what he's charged with doing, throwing it in as anything but an aside would have opened the paper to the charge of Mormon-bashing.
But, sadly, yesterday's SL Trib story makes clear what the SE failed or refused to report: Hammons is alleged to have traded on his position as bishop to peddle Ponzi scheme investments to his co-religionists. His religious affiliation and his religious post are important elements of the story and the allegations made against him, not irrelevant incidentals.
In reporting crime stories, it's the SE's job to report all the significant elements of the story it has discovered to its readers. It is not its job to coddle the religious sensibilities of many of its readers by deleting important parts of stories because they may find those details uncomfortable, embarrassing or disconcerting. I suspect that may have happened in today's SE story. It shouldn't have.
Reader comments are invited, as always
Tuesday, February 03, 2009
SLTrib: Developer/former LDS Bishop Charged in Huge Fraud
More criminal charges in the Val Southwick Ponzi Scheme scam
The Salt Lake Tribune reports this morning that there's more criminal blowback in the Val Southwick Ponzi Scheme story. We incorporate SLTrib reporter Tom Harvey's lead paragraphs below, which set forth facts which are all too familiar:
The Salt Lake Tribune reports this morning that there's more criminal blowback in the Val Southwick Ponzi Scheme story. We incorporate SLTrib reporter Tom Harvey's lead paragraphs below, which set forth facts which are all too familiar:
A former St. George developer and LDS bishop is facing 10 criminal charges for allegedly selling investments and taking commissions linked to a giant Ponzi scheme that appears to be Utah's largest-ever financial fraud.Mr. Harvey's story doesn't specify whether Mr. Hammons is a Friend of Matt (FOM).
William J. Hammons, 64, is charged with second- and third-degree felonies for his work on behalf of Val E. Southwick, the imprisoned Ogden businessman who ran the scheme that collapsed in 2007 after bilking 800 or so investors out of more than $180 million.
Hammons has been called by state regulators the single-largest outside seller of securities for Southwick's VesCor real estate development operations -- perhaps as much as $52 million. Many of those investments were sold to members of The Church of Jesus Christ of Latter-day Saints in Las Vegas, where Hammons served as a bishop, and in St. George. The St. George investors included neighbors, church members, Hammons' partner when he served a mission for the church and his parents-in-law.
Tuesday, December 23, 2008
Southwick Denied Parole, Next Hearing Date in 2025
Not so hidden message from the 800-pound gorilla: Wardhouse scamming is firmly off-limits
More news about convicted Ogden Ponzi scammer Val Southwick in this morning's Salt Lake Tribune. From this morning's Tom Harvey story:
Comments?
More news about convicted Ogden Ponzi scammer Val Southwick in this morning's Salt Lake Tribune. From this morning's Tom Harvey story:
In an unusually harsh decision, the state Board of Pardons is leaving the convicted operator of a giant Ponzi scheme in prison for at least 17 years.Although neither the Tribune nor the Board of Pardons mentions it as part of the "official" rationale for the Board's decision to lock Southwick up and throw away the key, we believe it's fair to infer that there's a special local lesson here for Utah scammers who would abuse their positions of ecclesiastical trust and prey upon unwary victims from LDS wardhouses. The 800-pound gorilla has a mighty long political reach; and it's apparent that Val Southwick (and other potential wardhouse scammers) were just delivered an equally mighty mighty thump in the head -- with a clear message attached: Wardhouse scamming is declared firmly off-limits, capice?
With his next parole hearing set for 2025, that means 63-year-old former Ogden businessman Val E. Southwick might spend the rest of his life in prison, serving out nine consecutive terms for defrauding about 800 investors, many of them elderly, out of about $180 million.
In its rationale for denying Southwick parole, the five-member board cited abuse of a position of trust, the number of victims and the extent of the harm done them. The 17 years set for Southwick's prison sentence is just three years short of a typical prison term of an inmate convicted of first-degree felony murder, according to parole board statistics from a 2006 study.
Comments?
Tuesday, December 16, 2008
Tuesday Morning Emerald City News Roundup
An interesting array of diverse topics for this afternoon's open topic thread
Beyond the material which we've dedicated for discussion in this morning's transit oriented article below, there's also a plethora of other interesting stuff in this morning's Standard-Examiner. We accordingly present for our readers' perusal the stories and columns which particularly caught our eye this morning:
The Standard-Examiner reports on the first of what we expect to be a long series of disappointing parole hearings for poor old convicted Ogden Ponzi scammer Val Southwick:
Beyond the material which we've dedicated for discussion in this morning's transit oriented article below, there's also a plethora of other interesting stuff in this morning's Standard-Examiner. We accordingly present for our readers' perusal the stories and columns which particularly caught our eye this morning:
The Standard-Examiner reports on the first of what we expect to be a long series of disappointing parole hearings for poor old convicted Ogden Ponzi scammer Val Southwick:
• Southwick before parole board todayThoughtful perspective from WSU's Provost Michael Vaughn, who presents a sound argument for a less parochial community mentality among citizens and politicians along the highly-urbanized Wasatch Front:
• We live today in a metro UtahAppearing on the Std-Ex front page is this Loretta Park story, informing us that the legislative GOP majority, with an eye toward our declining local economy, is quite serious about deeper and further budget 2009 budget cuts. We hope our local city governments watch closely, and at least consider following suit:
• House asks for budget sessionLast but not least: for Ogden City history buffs. Check out this morning's Wasatch Rambler column, wherein Charlie Trentelman reluctantly deflates another well cultivated and nurtured Ogden City urban myth:
• Ogden madam and Brigham Young's carriageThe Std-Ex lays out a particularly interesting array of diverse topics in this morning's edition, we believe. It's in that connection that we invite your reader comments, and designate this a Tuesday afternoon open topic thread.
Sunday, October 19, 2008
Val Southwick Restitution Update: Trustees and Attorneys Leave No Stone Unturned
The LDS Church even coughs up 200 thousand bucks
We'd like to highlight an interesting story in this morning's Salt Lake Tribune, reporting on the efforts of court-appointed trustees, receivers and attorneys seeking victim restitution from Boss Godfrey's bestest buddy, the notorious Ogden Ponzi swindler, Val Southwick. These collector fellas are leaving no stone unturned. They've even recovered $200,000 of Southwick's tithing from the LDS Church:
We'd like to highlight an interesting story in this morning's Salt Lake Tribune, reporting on the efforts of court-appointed trustees, receivers and attorneys seeking victim restitution from Boss Godfrey's bestest buddy, the notorious Ogden Ponzi swindler, Val Southwick. These collector fellas are leaving no stone unturned. They've even recovered $200,000 of Southwick's tithing from the LDS Church:
The return of tithing from The Church of Jesus Christ of Latter-day Saints was negotiated by Salt Lake City attorney Robert Wing, the court-appointed receiver who is charged with recovering the money. Southwick was a member of the church and used that affiliation to give investors confidence that their money was safe with him. The agreement covers any monies given to the church from 2000 to January of this year and releases it from any further claims.$200,000 down; $449,800,000 to go.
"They were great about it," said Wing. "They don't want money that's been stolen."
Tuesday, July 15, 2008
Southwick Parole Hearing Set For December... What???
Not to worry folks -- the Std-Ex editorial pranksters were just having a little fun with a "crafty" teaser headline
Our prediction? Val Southwick won't be coming home for Christmas
By Curmudgeon
Sometimes, I have to wonder about news judgment at the Standard-Examiner. It's running this morning, front page of the Top of Utah section, big bold black letter headline, this story: Southwick Parole Hearing Set --- "Man Convicted of Fraud to Go Before State Board in December".
I reacted as, I suspect, the Std-Ex intended its readers to react: What? The man convicted of the biggest fraud in the history of Utah is up for parole after only six months? After being sentenced to nine consecutive 1-15 year terms? What the hell?
So I read the story. Here's the first paragraph:
I don't know. Maybe putting "Southwick" in the headlines as often as possible works as well as putting "gondola" in the headlines to sell papers. But there seems, really, to have been no real story here, and certainly not one justifying banner headline treatment on the front page of the local news section.
Our prediction? Val Southwick won't be coming home for Christmas
By Curmudgeon
Sometimes, I have to wonder about news judgment at the Standard-Examiner. It's running this morning, front page of the Top of Utah section, big bold black letter headline, this story: Southwick Parole Hearing Set --- "Man Convicted of Fraud to Go Before State Board in December".
I reacted as, I suspect, the Std-Ex intended its readers to react: What? The man convicted of the biggest fraud in the history of Utah is up for parole after only six months? After being sentenced to nine consecutive 1-15 year terms? What the hell?
So I read the story. Here's the first paragraph:
The state Board of Pardons has set a December parole hearing for imprisoned Ogden financier Val Southwick, but he’s not going anywhere. Setting the hearing is the policy norm for all inmates whose cases do not involve a death, said Jim Hatch, board spokesman. “All inmates, except those with a homicide, automatically have an original hearing after serving six months,” he said. “The fact he’s having this hearing doesn’t mean there’s been any review done or any kind of quick release anticipated. It doesn’t portend a release at all.”So I have to wonder... where's the story? He's up for a mandated first hearing six months after being incarcerated, as all who have committed non-lethal crimes or crimes not involving children undergo. That's it. The lead paragraph and more further down makes it clear he is not going home for Christmas. So, where's the news? Why did this essentially nothing story lead the Top of Utah section with a bold all-across-the-page headline? Or was tricking people into reading the story the goal all along?
I don't know. Maybe putting "Southwick" in the headlines as often as possible works as well as putting "gondola" in the headlines to sell papers. But there seems, really, to have been no real story here, and certainly not one justifying banner headline treatment on the front page of the local news section.
Sunday, June 15, 2008
Fleecing the Faithful Flock
Observations on the social psychology of religion in the marketplace
By Curmudgeon
Interesting piece in this morning's Salt Lake Tribune on Val Southwick's use of his LDS faith to rope in the marks for fleecing, and his ability in some places to get local church leaders to rope them in as well.
NB: before allegations of Mormon bashing begin, let me note that the focus of the article is on Southwick's abuse of his faith connections, and on some Mormons' tendency [despite counter-urgings from the Church's leadership] to assume that co-religionist pitchmen are likely to be trustworthy because they are co-religionists, along with a tendency in some Mormons to believe that visible wealth, flashy cars, grand homes, are signs of God's favor, indicating that the possessor of those things --- like Southwick --- is a moral and upright [and therefor favored by God] individual.
It really is an interesting article on the social psychology of religion in the marketplace [so to speak]. And no, the problem is not at all limited to Mormons.
By Curmudgeon
Interesting piece in this morning's Salt Lake Tribune on Val Southwick's use of his LDS faith to rope in the marks for fleecing, and his ability in some places to get local church leaders to rope them in as well.
NB: before allegations of Mormon bashing begin, let me note that the focus of the article is on Southwick's abuse of his faith connections, and on some Mormons' tendency [despite counter-urgings from the Church's leadership] to assume that co-religionist pitchmen are likely to be trustworthy because they are co-religionists, along with a tendency in some Mormons to believe that visible wealth, flashy cars, grand homes, are signs of God's favor, indicating that the possessor of those things --- like Southwick --- is a moral and upright [and therefor favored by God] individual.
It really is an interesting article on the social psychology of religion in the marketplace [so to speak]. And no, the problem is not at all limited to Mormons.
Friday, June 13, 2008
The Latest Godfrey Video Blunders
KSL News devotes an entire story and video clip to Ogden City's most notorious dunce
By Danny
Now KSL has an entire article and video just on Godfrey's sentencing hearing statements about Val Southwick and the response to those statements.
Our mayor's appalling comments, and the response of state officials to those comments, speak for themselves.
City council take note. Matthew Godfrey is a psychopath, a law unto himself, with no contact with reality. Good and evil are defined solely by who his friends are, in his mind.
Be sure to watch the video too.
Well....?
By Danny
Now KSL has an entire article and video just on Godfrey's sentencing hearing statements about Val Southwick and the response to those statements.
Our mayor's appalling comments, and the response of state officials to those comments, speak for themselves.
City council take note. Matthew Godfrey is a psychopath, a law unto himself, with no contact with reality. Good and evil are defined solely by who his friends are, in his mind.
Be sure to watch the video too.
Well....?
Thursday, June 12, 2008
Ogden Scammer Val Southwick Earns a Minimum Nine-year Stretch With His New Prison-pal, Bubba
Boss Godfrey shows up in court to defend Utah's worst ever investment scammer
Excuse me. Channel 5 news at 4:30 just showed Val Southwick sentenced to prison for 9 counts of investor fraud. Also Mayor Godfrey was there and he didn't look too happy coming out of the courtroom. Doesn't he ever smile his idiotic "angelic smile" anymore?
Lets look at the video... oh yes... there's little Matt, standing in line to pay tribute to the biggest fraudster in Utah History.
Isn't that Matt Godfrey among the folks "standing up" for Southwick's blatent fraud?
Oh my...
And this dippy little apologist is our Ogden City Mayor...
"Birds of a feather stick together"... according to the time-worn folke axe.
Update 6/13/08 8:05 a.m. MT: The Standard-Examiner adds additional subject matter to the discussion this morning, with this Tim Gurrister story, reporting, among other things, that Southwick was remanded into custody and ordered to immediately begin serving nine consecutive 1 to 15 year prison terms.
Update 6/13/08 10:23 a.m. MT: Southwick and Godfrey... Bestest Buddies:
Excuse me. Channel 5 news at 4:30 just showed Val Southwick sentenced to prison for 9 counts of investor fraud. Also Mayor Godfrey was there and he didn't look too happy coming out of the courtroom. Doesn't he ever smile his idiotic "angelic smile" anymore?
Lets look at the video... oh yes... there's little Matt, standing in line to pay tribute to the biggest fraudster in Utah History.
Isn't that Matt Godfrey among the folks "standing up" for Southwick's blatent fraud?
Oh my...
And this dippy little apologist is our Ogden City Mayor...
"Birds of a feather stick together"... according to the time-worn folke axe.
Update 6/13/08 8:05 a.m. MT: The Standard-Examiner adds additional subject matter to the discussion this morning, with this Tim Gurrister story, reporting, among other things, that Southwick was remanded into custody and ordered to immediately begin serving nine consecutive 1 to 15 year prison terms.
Update 6/13/08 10:23 a.m. MT: Southwick and Godfrey... Bestest Buddies:
Friday, March 14, 2008
Leaders Caution Faithful on Scams
LDS Church advises members to invest wisely
LDS Church leadership finally puts out the word to the faithful flock, according to yesterday's Salt Lake Tribune:
We'd of course interpret this message broadly, to include a warning to watch out for scammers in government.
And what say our gentle readers about this?
The fleecing of the flock at the local wardhouse is an all-to-familiar theme here in Utah we believe; and we wonder if devout LDS church-members will ever get wise to the fact that it isn't smart to put blind trust, (let alone your life savings or entire retirement account) into the hands of somebody who says he's real smart, just because you know him from church.
Weber County Forum
Ogden Financier Gets the Criminal/Civil "Double Whammy"
February 7, 2008
While all investments carry an element of risk, that risk can be managed by following sound and proven financial principles; first, avoid unnecessary debt, especially consumer debt; second, before investing, seek advice from a qualified and licensed financial adviser and third, be wise.
Salt Lake Tribune
Letter from the First Presidency
L.D.S. Church
March 13, 2008
LDS Church leadership finally puts out the word to the faithful flock, according to yesterday's Salt Lake Tribune:
Just weeks before a Mormon entrepreneur is expected to plead guilty in a scam that defrauded about 800 people of $180 million, The Church of Jesus Christ of Latter-day Saints is warning its members to steer clear of financial scams.Read the full story.
In a letter by the church's First Presidency read to its congregations Sunday, the church said it is "concerned that there are those who use relationships of trust to promote risky or even fraudulent investment and business schemes." It is unclear if the letter targeted Utah congregations or its entire worldwide membership.
The church declined to answer questions on the letter and whether the case involving Ogden businessman Val E. Southwick and other recent cases like it triggered it. A spokesman would only say that "the principles of personal discipline in financial management and of avoiding debt have been taught by church leaders from the earliest days of the church."
But what sets this letter apart from earlier messages is that it specifically addresses fraud and urges members to invest "wisely with responsible and established financial institutions."
We'd of course interpret this message broadly, to include a warning to watch out for scammers in government.
And what say our gentle readers about this?
Thursday, February 07, 2008
Ogden Financier Gets the Criminal/Civil "Double Whammy"
And some basic investment advice for our LDS brothers and sisters
We've discussed the continuing legal troubles of Ogden "investment broker" Val Southwick on Weber County Forum at various times before; but we learn this morning from the Standard-Examiner that Southwick's legal problems have now kicked into high gear. We incorporate below the essential facts concerning Southwick's latest "double whammy" legal problems, as reported by veteran Std-Ex reporter Tim Gurrister:
Southwick's jilted investors comprise a broad spectrum of investor types, from sophisticated professionals to "babes in the woods," according to this morning's story:
The fleecing of the flock at the local wardhouse is an all-to-familiar theme here in Utah we believe; and we wonder if devout LDS church-members will ever get wise to the fact that it isn't smart to put blind trust, (let alone your life savings or entire retirement account) into the hands of somebody who says he's real smart, just because you know him from church.
One reader said it best we think, in a comment under an article in today's Deseret Morning News on this same topic: "When you walk into an office full of ANY kind of religious memorabilia, count your fingers before you walk out."
Having said all this, we'll remind our gentle readers that, as to the pending charges, Mr. Southwick enjoys the benefit of the doubt -- and the legal presumption of innocence -- unless or until he's convicted or cops a plea.
Southwick's Vescorp Capital - in happier times:
And what say our gentle readers about all this?
Update 2/7/08 10:28 p.m. MT: The Salt Lake Tribune also has a thorough writeup on this story, followed by a robust set of interesting reader comments.
We've discussed the continuing legal troubles of Ogden "investment broker" Val Southwick on Weber County Forum at various times before; but we learn this morning from the Standard-Examiner that Southwick's legal problems have now kicked into high gear. We incorporate below the essential facts concerning Southwick's latest "double whammy" legal problems, as reported by veteran Std-Ex reporter Tim Gurrister:
OGDEN — Officials simultaneously filed state criminal charges and a federal Securities and Exchange Commission lawsuit Wednesday against Ogden financier Val Southwick.Ah yes... there's always that wishful glimmer of hope -- divine intervention, perhaps.
The filings list 817 investors who authorities say were bilked out of an estimated $140 million.
But one of Southwick’s lawyers said it’s possible the 61-year-old real estate speculator has enough assets to repay the money.
Southwick's jilted investors comprise a broad spectrum of investor types, from sophisticated professionals to "babes in the woods," according to this morning's story:
Southwick and VesCor raised more than $445 million from banks, professional investors and so-called “unsophisticated” investors — nonprofessionals typically entrusting Southwick with their life savings, according to an investigative summary released with the court documents by the Utah Division of Securities.Here's the part however, that really sticks in our craw:
The summary said Southwick emphasized his membership and ecclesiastical roles in The Church of Jesus Christ of Latter-day Saints during solicitation meetings with investors.We have little sympathy for bankers and professional investors who may have been taken in by Southwick's alleged ponzi scheme; but it's those trusting and financially unsophisticated "little people" for whom this seasoned investor feels the pain.
“Southwick was touted to investors as a respectable LDS gentleman who was more concerned about the consequences of the after-life than those in this life if he lied to investors,” according to the summary.
“Investors appear to have lost $140 million of their life savings and retirement funds,” division director Wayne Klein said. “The fraudulent elements of the investment scheme remained hidden so long because Southwick kept assuring investors the company was profitable, then solicited money from new investors to pay interest to existing investors.”
The fleecing of the flock at the local wardhouse is an all-to-familiar theme here in Utah we believe; and we wonder if devout LDS church-members will ever get wise to the fact that it isn't smart to put blind trust, (let alone your life savings or entire retirement account) into the hands of somebody who says he's real smart, just because you know him from church.
One reader said it best we think, in a comment under an article in today's Deseret Morning News on this same topic: "When you walk into an office full of ANY kind of religious memorabilia, count your fingers before you walk out."
Having said all this, we'll remind our gentle readers that, as to the pending charges, Mr. Southwick enjoys the benefit of the doubt -- and the legal presumption of innocence -- unless or until he's convicted or cops a plea.
Southwick's Vescorp Capital - in happier times:
And what say our gentle readers about all this?
Update 2/7/08 10:28 p.m. MT: The Salt Lake Tribune also has a thorough writeup on this story, followed by a robust set of interesting reader comments.
Monday, December 17, 2007
Monday Morning News Roundup
Clearing out the WCF "back-burner" queue
As most of our regular readers are already aware, your blogmeister took the weekend off; so we've decided this morning to play "catch up," and do a roundup of a few of the news stories that caught our jaded eye within the last couple of days. To kick off today's discussion, we'll reel off those stories which we found most interesting since last Friday's post:
Ron Paul Update: Last Monday, we ran a Ron Paul "teaser," featuring a You Tube video about GOP presidential candidate Ron Paul. In response to this, we elicited 25 reader comments, ranging from Tec Jonson's unquivocal embrace of Dr. Paul as the only candidate with a "coherent and acceptable platform," to the comments of True Republican, with "Don't throw your votes away on someone who cannot possibly win!" We particularly liked Monotreme's take: "Oh, and the anarchist in me wishes for a Paul-Kucinich matchup."
The purported "non-viability" of Dr. Paul's candidacy is of course the constant refrain of Big Media (and party insiders on both sides of the partisan political aisle.)
It's in that context that we post this morning's L.A. Times "Top of the Ticket" blog article, reporting on Dr. Paul's Sunday online fundraiser, wherein the Ron Paul campaign just set another all-time record ($6 million) for such a one-day event.
Does Ron Paul's candidacy "have legs?" We believe that yesterday's fund-raiser suggests that it does.
Several other interesting articles on the WCF back-burner:
Vescor Capital Update. Emerald City "investment broker" Val Southwick is back in the news, with this 12/16/07 Salt Lake Tribune article. And from the article, we post this short exerpt:
Disturbing Environmental News. We have this good news from this morning's Standard-Examiner: "Diesel spill threatens Nature Center".
Replace the Emerald City RDA Director. Finally, a Weber County Forum Tip O' the Hat to gentle reader Tom Owens, for his success in disseminating a constant Weber County Forum theme to the general readership of the Standard-Examiner.
In the interest of getting this morning's discussion going before this afternoon, (the telephone has been ringing off the hook all morning,) we'll post today's article now, and leave the microanalysis to our gentle readers.
As per usual, feel free to pick up the discussion on any of the above suggested topics, or start up one of your own.
As most of our regular readers are already aware, your blogmeister took the weekend off; so we've decided this morning to play "catch up," and do a roundup of a few of the news stories that caught our jaded eye within the last couple of days. To kick off today's discussion, we'll reel off those stories which we found most interesting since last Friday's post:
Ron Paul Update: Last Monday, we ran a Ron Paul "teaser," featuring a You Tube video about GOP presidential candidate Ron Paul. In response to this, we elicited 25 reader comments, ranging from Tec Jonson's unquivocal embrace of Dr. Paul as the only candidate with a "coherent and acceptable platform," to the comments of True Republican, with "Don't throw your votes away on someone who cannot possibly win!" We particularly liked Monotreme's take: "Oh, and the anarchist in me wishes for a Paul-Kucinich matchup."
The purported "non-viability" of Dr. Paul's candidacy is of course the constant refrain of Big Media (and party insiders on both sides of the partisan political aisle.)
It's in that context that we post this morning's L.A. Times "Top of the Ticket" blog article, reporting on Dr. Paul's Sunday online fundraiser, wherein the Ron Paul campaign just set another all-time record ($6 million) for such a one-day event.
Does Ron Paul's candidacy "have legs?" We believe that yesterday's fund-raiser suggests that it does.
Several other interesting articles on the WCF back-burner:
Vescor Capital Update. Emerald City "investment broker" Val Southwick is back in the news, with this 12/16/07 Salt Lake Tribune article. And from the article, we post this short exerpt:
"Some talk about how he [Southwick] used his membership in the LDS Church to assure investors or potential investors about his honesty and the safety of their investments. Brad Hatch told of one investor, who, after payments stopped, went to speak to Southwick on behalf of others with whom he had vouched for Southwick. Southwick invoked the Sunday school lesson he was planning that week about the need for patience.Where, we ask, have we heard that story before?
"That gave credibility to him, that Val was telling the truth," Hatch said.
Disturbing Environmental News. We have this good news from this morning's Standard-Examiner: "Diesel spill threatens Nature Center".
Replace the Emerald City RDA Director. Finally, a Weber County Forum Tip O' the Hat to gentle reader Tom Owens, for his success in disseminating a constant Weber County Forum theme to the general readership of the Standard-Examiner.
In the interest of getting this morning's discussion going before this afternoon, (the telephone has been ringing off the hook all morning,) we'll post today's article now, and leave the microanalysis to our gentle readers.
As per usual, feel free to pick up the discussion on any of the above suggested topics, or start up one of your own.
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