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Trapper Trails Council (Utah) loses $281K in Ponzi scheme

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  • Trapper Trails Council (Utah) loses $281K in Ponzi scheme

    Council Endowment Chairman recommended an investment on a condo complex which promised a 12% return. Not quite Bernie Madoff but an interesting read and IMO shows a need for better disclosure of Council finances.

  • #2
    That's a lot of popcorn.


    • #3
      I wonder what this means (from the linked article):
      Trapper Trails [Council] dismissed the case [against the scammer] in June 2012. It wasn't immediately clear whether an out-of-court settlement was reached. It is also unknown whether Kendell [former endowment manager] stills holds an executive position in the council.


      • #4
        Perhaps Gordon Gekko was wrong?


        • #5
          Originally posted by TAHAWK View Post
          I wonder what this means (from the linked article): [/SIZE][/FONT][/COLOR]
          As stated in their 2010 Annual Report, the Trapper Trails Counicl 2015 Obective of bringing their Endowment Fund to $5 million may be delayed.

          There is no mention of the Endowment Fund in their subsequent, less transparent annual reports.


          • #6
            The council, which is the administrative body for the Scouts throughout the Top of Utah and parts of Wyoming and Idaho, filed two lawsuits against Randall in late 2011 seeking $281,000 and claiming he misled them about a supposed investment in an apartment complex. The council dropped its individual case in June 2012, but is still listed as a creditor in an ongoing class action lawsuit against Randall.