Investors face up to $65 million in losses from funds run by a Washington, Utah, man who is accused of taking hundreds of thousands of dollars in kickbacks from dubious companies in which he placed money, including at least one which operated as a Ponzi scheme, court documents say.
A court-appointed receiver says investors in Total Wealth Management and related companies face possible additional losses of $44 million on top of $21 million already written off by the San Diego-based entities. At the end of last year, the company had about 600 investors and at least $100 million under management, it said in a regulatory filing.
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