Cardston Stake President Reported Alleged Ponzi Scheme

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Cardston Resident Reported Alleged Ponzi Scheme – 94.1 The Lounge

A Cardston church leader may be the one to thank for tipping off authorities to an alleged 60-million dollar Ponzi Scheme. On Monday, the RCMP laid charges against three Alberta men in connection with the investment scheme an operation Tom Matkin complained to authorities about in 2004. Matkin, a lawyer and stake president at the Church of [Jesus Christ of] Latter-day Saints in Cardston, tells the Calgary Herald that about 150 town residents invested more than $1-million in HMS Financial. He says he notified the Alberta Securities Commission after hearing about an 85 year old Cardston woman losing $50,000. The three accused are to appear in Drumheller Provincial Court April 16th.

3 thoughts on “Cardston Stake President Reported Alleged Ponzi Scheme

  1. Nice story. You hear enough stories of Mormons and other religious groups being suckered by these scams, that’s its nice to hear when a church leader puts the kibosh on it.

  2. Ugh. I wondered if members were involved in this! My husband and I were talking about it this morning when we heard the story on the news. I said to him, “The funny thing is that most people who know anything about money can see right through these scams. How in the world do they get enough people to end up with millions of dollars???” Drives me nuts. Good for Tom! He’s a great man.

  3. “How in the world do they get enough people to end up with millions of dollars?”

    Lots of people with high hopes and greed for riches. Not to mention, we live in a credit card society where most people don’t even hold cash in their hands. Yes, credit cards – now there is a ponzi scheme with legal legs.

    I do hope LDS leaders start to nip this one in the bud. Too many members get involved with these on one side or the other. It is a disgrace.

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