SEC Accuses Utah Man Of $4M Ponzi Scheme

Law360, New York (August 8, 2013, 4:20 PM EDT) -- The U.S. Securities and Exchange Commission hit a Utah man with a lawsuit Thursday accusing him of running a Ponzi scheme that cheated investors out of $4 million, funds he allegedly used to pay former clients, lost in risky trades and spent on personal expenses including a family trip to Mexico.

Steven B. Heinz, 56, of Orem, allegedly scammed 15 investors by touting his trading strategy as the signature of a guaranteed fruitful investment, promising returns between 6 percent and 120 percent per year, according to...
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