Stake President takes down alleged Ponzi sceme

A Mormon church leader who blew the whistle on a $60-million alleged Ponzi scheme says "it's wonderful" that RCMP have laid charges in the case whose victims span the globe, but called it "unbelievable" it took them six years.

Tom Matkin, a lawyer and a stake president in the Church of Latter-day Saints in Cardston, said he complained to authorities in 2004.

He had learned that as many as 150 of the town's residents, some of them members of his church, had invested more than $1 million in a company "that had all the earmarks of a classic Ponzi."

Securities officials turned the case over to the Mounties, who swooped in and swiftly shut down the operation, but didn't lay criminal charges until now.

Read the rest of this story at calgaryherald.com
Comments and feedback can be sent to feedback@ldsliving.com