[Editor’s Note: The following guest post was submitted by Mark Pugsley, a lawyer who specializes in recovering losses for victims of investment fraud, unsuitable recommendations, and Ponzi schemes. He is a local attorney here in Utah. We met over lunch one day and lamented the prevalence of financial scams in the world, the epicenter of which seems to be right here in Utah. Mark is now an advertiser here at WCI and can be found at www.stockbrokerloss.com.]
I have represented a number of doctors and dentists over the years in disputes with their stockbrokers and in Ponzi schemes and investment fraud cases.
My medical professional clients are typically intelligent and savvy with respect to managing their money, but because they are often too busy to dig into the details they can often be taken advantage of by unscrupulous investment advisors, and in some cases, they fall victim to fraud.
Below are a couple of war stories. Of course, most investment professionals are good and well-qualified – but not all of them. A keen intellect cannot substitute for taking the time to read the documents carefully. The devil may really be in the details
Some basic tips on how to avoid fraud are at the end of this article.
Scam #1: The Falls Event Centers
Utah-based entrepreneur Steve Down had been pitching investments in The Falls Event Centers since 2011. He raised approximately $120 million from more than 300 investors – the majority of whom are dentists throughout the United States.
On May 11, 2018 Down and his event centers