Father and Son Found Guilty in Ponzi Scheme That Cheated LDS Members Out of $100 Million

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A federal jury found a Mesa father and son guilty of operating a $100 million Ponzi scheme that swindled members of the Church of Jesus Christ of Latter-day Saints.

Guy Williams, 42, and Brent Williams, 66, were convicted on 38 counts of conspiracy, wire fraud, mail fraud, and money laundering. The two could spend 20 years in prison for each conspiracy count, and 10 years for every count of money laundering -- each charge also comes with a maximum fine of $250,000.

See also:
-Scottsdale Ponzi-Schemer Gets Jail Time for Stealing Cacti
-Dan Wise, Former Scottsdale CPA, Arrested -- Again -- for $66 Million Ponzi Scheme


The Williamses set up a group of Mesa-based investment fund companies, collectively called "Mathon" entities, that were provided the front for their scam.

The father-son team attracted LDS members from Arizona, Utah, and Nevada through word of mouth from 2002 to 2005. They promised investors their money would be used for short-term loans to third-party borrowers. The borrowers would pay high interest rates on the loans, giving the investor a high return.

They stole at least $100 million from investors, using the new money coming in to pay old investors, meanwhile paying themselves inordinate salaries and making loans to companies they owned, fitting the textbook definition of a Ponzi scheme.

Guy and Brent Williams will be sentenced September 30, along with four other members from their Ponzi scheme team who pleaded guilty to their charges.

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7 comments
caseyryank9
caseyryank9

Greedy pigs ripping off greedy pigs. 

That's a bummer. 

OATHKEEPER1958
OATHKEEPER1958

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Rabbi_Pedro_Goldstein
Rabbi_Pedro_Goldstein

So what's the big deal? The Mormons have been swindling people for over 100 years - just not each other. Serves them all right!

shadeaux14
shadeaux14 topcommenter

Sounds like they thought they could get rich from investing in predatory lending but they lost everything.

GOOD. 

Serves the greedy bastards right

JohnQ.Public
JohnQ.Public

@shadeaux14 Also sounds like they thought they could get rich by preying on their own religious community which is also about as low as it gets.

MandyMountain
MandyMountain

@JohnQ.Public @shadeaux14 Nah, who better to prey upon?

Let's hope for probation. The marks knew they were investing in usury.

eric.nelson745
eric.nelson745 topcommenter

@MandyMountain Ya think? Maybe if the scam was small potatoes, you know, like $100,000, not that big of a loss. But $100million? That virtually puts them in Madoff territory.

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