Andrew Caspersen, a former Park Hill Group executive, has agreed to a settlement with the SEC that bars him from the securities industry. Caspersen also pleaded guilty in July to defrauding investors out of more than $38 million. Caspersen will be sentenced on November 2, 2016.
Patrick Churchville, the owner of Clear Path Wealth Management, plead guilty to five counts of wire fraud and one count of tax fraud. Mr. Churchville allegedly operated a $21 million Ponzi scheme. Investigators believe that the Ponzi scheme began in 2008 and Churchville used investor funds to fund a lavish lifestyle.
After a forty-two day trial, four DBSI principals were found guilty of fraud by a Boise federal jury. Douglas Swenson, Mark Ellison, David Swenson, and Jeremy Swenson were convicted of multiple fraud charges. These charges stemmed from them publically relaying that DBSI was a profitable enterprise with a net worth totaling over a $100 million, but in reality DBSI was an unprofitable Ponzi scheme. All four defendants were convicted of forty-four counts of securities fraud and will be sentenced in late August.