10-year Ponzi Scheme Run by Union Central Agent?

[Brian Anderson]

An agent in Utah has been charged with 22 counts of securities fraud, per this article from today’s Salt Lake Tribune:

Using his role as a Union Central general agent, Randall marketed "worthless" promissory notes bearing high interest rates and then used them to increase sales of insurance and annuities in violation of state law, the lawsuit alleges.
Using this scheme, Randall’s Horizon Mortgage and Investment Co. became one of Union Central’s most successful agencies in the nation.

Utah lawsuit alleges insurance company aided Ponzi scheme | The Salt Lake Tribune

 

[scagnt83]

Wow....

But the article never said how he was using the money to increase his insurance sales.

He committed securities fraud by soliciting worthless/non-existent promissory notes... but how did he funnel that into insurance sales? Im assuming he got the people who owned the notes to use interest he paid from other investors to fund insurance products??

Either way, it does not look good for him or for the president of union central who spoke at the guys seminar...

 

[ATM]

The six degrees of Richard Schwartz - Kokomo Perspective: News

This guys was at one time the #1 NY Life agent in the country I believe.

 

[xrac]

Ponzi schemes are a dime a dozen. This guy was an agent and a friend with more than 30 years and had a spotless FINRA record.

Evansville investment advisor pleads guilty to securities fraud - story

 

[Mattschmidt]

Ponzu schemes are a dime a dozen. This guy was an agent more than 30 years and had a spotless FINRA record.

Evansville investment advisor pleads guilty to securities fraud - story

Truer words have never been spoken. Perhaps some imos on here will turn up as a ponzi scheme in the future

 

[ATM]

Yup, they have spotless records right up until they don't.

 

[Newby]

Ponzi schemes are a dime a dozen. This guy was an agent and a friend with more than 30 years and had a spotless FINRA record. Evansville investment advisor pleads guilty to securities fraud - story

That guy just went nuts after a long quiet career. Deserted his wife, ran off with clients money and headed to Mexico.

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Truer words have never been spoken. Perhaps some imos on here will turn up as a ponzi scheme in the future

I'd watch the ones in that town. Something's in the water. A week after that story broke a 2nd one hit about the guy who used to be the manager at Bankers a Life of all places. If you can't trust the Bankers management...who could you trust?