U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23451 / January 21, 2016
Securities and Exchange Commission v. Marquis Properties, LLC, Civil Action No. 2:16-cv-00040 (D. Utah)
SEC Charges Utah Real Estate Investment Company and Its Principals With Operating a Ponzi Scheme and Obtains Order Freezing Assets
The Securities and Exchange Commission obtained an asset freeze and other ancillary relief against Marquis Properties, LLC, and its CEO/President Chad R. Deucher for orchestrating a $28 million Ponzi scheme that defrauded more than 250 investors throughout the United States. The complaint also names Marquis' Executive Vice President, Richard ("Rick") Clatfelter as a defendant.
According to the SEC's complaint, filed on January 19, 2016 in federal court in Utah:
The SEC's complaint charges Marquis, Deucher, and Clatfelter with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"). The complaint also charges Deucher and Clatfelter with violation of Section 15(a) of the Exchange Act, and names Jessica Deucher as a relief defendant. The SEC is seeking injunctive relief, disgorgement, prejudgement interest, and civil money penalties from Marquis, Deucher, and Clatfelter.
The SEC's investigation has been conducted by Scott Frost and Cheryl Mori and supervised by Richard Best. The litigation will be led by Amy Oliver.