Iowa Ponzi Scheme Targets Investors | Cedar Rapids News

Two men in Southeast Iowa are facing federal charges for running a flashy Ponzi scheme through the Golden Bar Foundation, promising investors absurd returns of 24% to 100%—all supposedly risk-free and tax-free. New money was allegedly used to pay earlier investors, while the rest funded luxury cars, farmland, and a $667K golf course home. Boal faces 16 counts including wire fraud, while Richards is charged with conspiracy. The scheme allegedly operated for two years, swindling dozens. A cautionary tale: if it sounds too good to be true, it probably is. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c4c287e29c57df50