U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Vescor Capital Corp., Val E. Southwick, et al.

On February 8, 2008, the SEC filed a civil action against Val E. Southwick and four related companies he controlled alleging they fraudulently offered and sold approximately $180 million in unregistered notes to more than 800 investors, many of whom were senior citizens.† According to the complaint, the defendants promised investors they would receive annual returns of 8 to 24 percent, ostensibly from the profits from the financing of several real estate developments. †In fact, the SEC alleged the defendants operated a Ponzi scheme in which investor funds were used, among other things, to pay promised returns to earlier investors and for family living expenses.

For more details about the SECís action, you can read Litigation Release No. 20450 (Feb. 6, 2008).

The Court appointed Robert G. Wing, Esq. as Receiver.† For the latest information about the Receivership, you can visit the Receiverís website.† If you have questions, you can contact Mr. Wing at (801) 524-1000.


Modified: 07/01/2008