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- Title
Reflections on Independent Clearing House Part One: The Ponzi Scheme.
- Authors
Goss, Ronald W.
- Abstract
In the article, the author discusses the Ponzi schemes Independent Clearing House and Universal Clearinghouse in Utah in the 1980s. Under the schemes, individuals and companies invested in a bogus accounts payable factoring program that promised high returns. Also cited are the clawback litigation on the schemes before the Utah bankruptcy and district courts, and the perpetrators of the scheme, namely, Grove Finance Co., AFCO Enterprises, and Vasilacopulos & Associates.
- Subjects
UTAH; PONZI schemes; FACTORING (Finance); SWINDLERS &; swindling; INVESTMENTS; ACTIONS &; defenses (Law)
- Publication
Utah Bar Journal, 2022, Vol 35, Issue 4, p18
- ISSN
0091-9691
- Publication type
Article