Joseph A. Nelson, along with several others, has been accused of having
a part in a
Ponzi scheme that took millions from investors. Nelson, who has served The Church of
Jesus Christ of Latter-Day Saints as a stake high councilor and ward mission
leader, allegedly targeted church members in the scam that ran from 2005 to 2010.
According to officials, Nelson and his co-conspirators allegedly offered
promissory note investments through his companies that would quickly net
returns of up to 200%. Nelson allegedly claimed he would be able to do
this by purchasing certain merchant portfolios and then selling those
portfolios after holding them for a period.
Unfortunately, the Securities and Exchange Commission (SEC) has claimed
that Nelson did not use investors' cash for this purpose, and they
also claim that Nelson had not purchased any merchant portfolios during
that time. Nelson is also accused of fabricating documents with
false information to keep up the appearance of legitimacy to investors, as well as using
his status with the church to put investors at ease.
Although the case is becoming more and more complicated as other people
and companies are pulled in to the investigation, it is believed that
the money from investors was used to both pay off earlier investors and
fund the alleged fraudsters' lavish lifestyles in classic Ponzi scheme fashion.
investment fraud attorneys with Meyer Wilson represent investors nationwide who have lost money to
Ponzi schemes, promissory note fraud, and other investment scams. We have
helped hundreds investors recover their losses, and we look forward to
working with you.