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

[RememberSchiff 3655]

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.

 

http://www.standard.net/Courts/2014/06/20/Randall-reportedly-defrauded-Trapper-Trails-Council-hundreds-more-in-scheme.html

[SSScout 1615]

That's a lot of popcorn.

[TAHAWK 1420]

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.

[packsaddle 753]

Perhaps Gordon Gekko was wrong?

[RememberSchiff 3655]

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.

[TAHAWK 1420]

06/28/2014

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.