Archive for the ‘Vescor — Hammons trial’ Category

He knew Vescor was stealing money and his associate got 20 years (Val Southwick).  However, a trial in a small Mormon town ( St. George Utah) with a former Mormon Bishop that stole $46 million and made $ 10.5 million resulted only in a county jail term of 1 year.  Bill Hammons,  whose greedy actions cost some of his clients their life savings (and who trusted him since he was a Bishop in their ward) resulted in essentially a slap on the wrist.  This arrogant businessman who once ran a Las Vegas real estate brokerage firm, found it easier to induce his clients into a fraud that work for a living. ( including his own family to invest in a fraud)  Ironically, one of his clients, that we know well, and helped, is now on church welfare since she was lost $1.4 million.  He wanted every nickle she had to invest and did not care about the consequences.   She got a small tax refund with carry-over loss for years but now with a broken economy she is facing a life alone,  only employed part time for two days a week and without any justice.  The receiver in the case Robert Wing gets the restitution money—-the lawsuit she filed when she attached his assets in Nevada, now much compete with the Receiver.  We told the State of Utah and the securities division about this fraud in 2004.  They did nothing and continue to steal money for several more years costing seniors another $ 200 million.  We ask the Mormon church (and we did this privately also) to voluntarily refund to these victims the tithing (church contributions) that Hammons paid (some $ 1 million plus) to help them.  Initial letters from LDS attorneys had indicated they settled for $ 250,000 by giving it to the receiver and therefore they were off the hook. Hopefully they will reconsider and avoid the Receiver’s greed (which is the ultimate black hole).

Bills Hammons of St. George Utah, a former real estate broker in Nevada, sold securities without a license and was recenlty convicted on 7 or 9 felony counts.   His associates Val Southwick is spending time in prison for twenty years and hopefully the Mormon scammer will do the same.  Hammons made millions off his mormon connections.  We provided information to the Utah Securities Divsion to assist in their claims against Hammons –providing them with Hammons doctor next door that lost $ 1 million for the privelege of being his neighbor.  The real questions are: (1) Will victims be compensated and how much; (2) Will the receiver grab his assets or can they be used for victims; (3) Will the Mormon church cough up his tithing paid from victims funds to help them since many of them had their entire savings wiped out by this con artist.

Bill Hammons goes on trial for ten felonies for selling unregistered securities, securities fraud,  primarily to members fo the LDS church.  This investment fraud was originally discovered by GW in 2004 that warned all law enforcement that he was running a Ponzi scheme. They ignored the warnings and $ 186 million was lost after the warning.  Now local Vegas victims, many members of the LDS church wonder if justice will be done.  Hammons sued the State of Utah saying that essentially, if  they had done their job, he would not have defrauded elderly victims.  What a joke! 

GW filed suit and attached his Nevada assets. Interesting questions of restitution remain which will be posted.  hammons fraud trial 2-15-11