How did he get that nice, big house?

[The Fourth Nephite]

Every now and then I drive through Fountain Green here in Sanpete County. There's a very nice house on the north end of town, right on State Street.

I have always wondered what the guy that lives there does for a living. The house really stands out since Sanpete County is pretty depressed.

I found out today how he does it. He runs a 220 million dollar ponzi scheme and he just got busted. Oops.

[Shaka]

Every now and then I drive through Fountain Green here in Sanpete County. There's a very nice house on the north end of town, right on State Street.

I have always wondered what the guy that lives there does for a living. The house really stands out since Sanpete County is pretty depressed.

I found out today how he does it. He runs a 220 million dollar ponzi scheme and he just got busted. Oops.

Don't forget the fairly out of place office building across the street.

[The Fourth Nephite]

It's all really out of place in Fountain Green.

[DU Ute]

I read about this in this mornings paper. Another group of pricks using their Church status and connections to scam the gullible. I wonder if this is the company someone in our ward was touting a couple of years ago. She actually used the fact that the SEC kept investigating them as a selling point, claiming they only did so because they couldn't believe how much money the company was bringing in.

[TripletDaddy]

I read about this recently. I guess the guy is/was a Mo bish at Snow College student ward and he cooked up this scheme with his son.

What an awful thing to wake up and realize that not only have you sold yourself out and stole money from innocent and trusting friends and family, but that you also included your own son in the process. What a horrible failure as a parent. I can't think of a worse feeling than to know that my wife or children think I am a dishonest, thieving louse. I can't imagine going to my child and talking to him about working together to steal money from friends.

[doctorcoug]

I read about this recently. I guess the guy is/was a Mo bish at Snow College student ward and he cooked up this scheme with his son.

What an awful thing to wake up and realize that not only have you sold yourself out and stole money from innocent and trusting friends and family, but that you also included your own son in the process. What a horrible failure as a parent. I can't think of a worse feeling than to know that my wife or children think I am a dishonest, thieving louse. I can't imagine going to my child and talking to him about working together to steal money from friends.

I doubt it was so black and white. Little by little I bet is how this thing came about.

[The Fourth Nephite]

There are a lot of life savings down the drain on this one. It's all very sad.

[Uncle Ted]

Let's see... Father, son used Mormon connections to commit $220M Ponzi scheme, SEC says

...the father and son “appear to be using their membership" in The Church of Jesus Christ of Latter-day Saints to make connections and win over the trust of prospective investors. Wendell Jacobson is bishop of a Snow College student ward.

Red flag number #1: Using their position in the church to win over the trust of other, unsuspecting members.

“Wendell and Allen Jacobson misled investors to believe they were financially supporting what was portrayed as a widespread and reputable operation to revamp apartment communities and turn a significant profit...

Red flag number #2: Making claims of huge profits.

Wendell and Allen Jacobson...

Wendell Jacobson and his brothers Gene and Evan financed the construction of a 21,000 square foot office in the farming community of Fountain Green in 2008

Red flag number #3: Keeping the business in the family.

Wendell Jacobson is the former chairman of the Sanpete County Republican Party. Gene Jacobson is the chairman of Sanpete County’s planning and zoning commission.

Red flag number #4: Leadership position in a political party and ties in the government.

I wonder how many folks are now without their retirement because they trusted this bishop with their money. Maybe one of his victims was the SP that called him to be a bishop.

[edward777]

Compared to Obama's buddies in the banking industry this guy is small fish. True, he smells bad but Obama & company stink up the whole place.

[Uncle Ted]

Compared to Obama's buddies in the banking industry this guy is small fish. True, he smells bad but Obama & company stink up the whole place.

One should pretty much expect cronyism and corruption to be associated with Chicago politicians but not of men called by revelation and approved by the first presidency and quorum of the twelve.

[RC Vikings]

Just one more example that if anybody ever throws out their church position as a reason to trust them run like hell.

[PaloAltoCougar]

We fell behind in this year's Gospel Doctrine lesson plan, and thus today's lesson included 1-2 Peter. Having read this thread and the related story, I used it this sad news to discuss what Peter was writing about in 2 Peter 2:1-3 (New International Version (NIV):

1 But there were also false prophets among the people, just as there will be false teachers among you. They will secretly introduce destructive heresies, even denying the sovereign Lord who bought them—bringing swift destruction on themselves. 2 Many will follow their depraved conduct and will bring the way of truth into disrepute. 3 In their greed these teachers will exploit you with fabricated stories. Their condemnation has long been hanging over them, and their destruction has not been sleeping.

After the lesson, I had an interesting discussion with a former bishop and lawyer whose family has been deeply affected by one of these schemes. He said the brethren are even more concerned about these issues than it may superficially appear. I wish this concern were expressed more frequently in General Conference.

When I began practicing securities law 30 years ago, my mentor told me that SLC was the nation's securities fraud capital. Even he, though not a member, observed it was due to a combination of LDS-based trust/gullibility/guilelessness (not so bad), and LDS-related striving for improving one's material circumstances (not so good).

[CardiacCoug]

So this guy in Draper takes 150 million dollars from friends and neighbors and got 10 years in prison for it. This quote was funny:

A number of Wright’s friends and family members said they recognized he had committed a crime, but they urged Waddoups to recognize that he had been a good father and a Boy Scout leader.

“I don’t think the BSA has ever had a better Scout master,” said Mark Lambourne, a friend of Wright’s.

Yeah, amazing how easy it is to be a great Dad and Boy Scout leader when you are living off of millions of dollars of other people's retirement savings.

http://www.sltrib.com/sltrib/money/53247507-79/wright-ponzi-million-money.html.csp

[Uncle Ted]

So this guy in Draper takes 150 million dollars from friends and neighbors and got 10 years in prison for it. This quote was funny:

A number of Wright’s friends and family members said they recognized he had committed a crime, but they urged Waddoups to recognize that he had been a good father and a Boy Scout leader.

“I don’t think the BSA has ever had a better Scout master,” said Mark Lambourne, a friend of Wright’s.

Yeah, amazing how easy it is to be a great Dad and Boy Scout leader when you are living off of millions of dollars of other people's retirement savings.

http://www.sltrib.com/sltrib/money/5...money.html.csp

Wow, what a great example to the young men, showing scout spirit by living the scout law. Well, maybe some of it.

I thought the Assistant U.S. Attorney's comment summed it up well...

But Assistant U.S. Attorney Mark Hirata reacted strongly to the mentions by Lambourne and others of Wright’s Boy Scout service. Those scouts should be told that “it’s not what you say that matters, it’s what you do that truly defines your character,” Hirata said.

Waddoups also said Wright “could afford to be generous because he was being generous with other people’s money.”

[Green Monstah]

I believe these folks are Mckay Jacobsen's uncle/cousin.