March 17, 2023
By: John Huber and Alexander Baker
To many Utahns, it is surprising to learn that Utah has a long-held reputation as the fraud capital of the nation. Per ponzitracker.com, Utah had the sixth most Ponzi schemes among all states from 2008–2018. Perhaps even more surprising is that Utah has around 1.35 Ponzi schemes per 100,000 people, making Utah the most fraud-ridden state per capita in the United States. To put it in perspective how bad Utah’s problem with financial fraud is, consider Florida. The Sunshine State has the second-most Ponzi schemes per capita, with an average of .51 Ponzi schemes per 100,000 people (63 percent less than Utah!).
Knowing this unsettling fact, the logical question to ask is this: How can I protect myself or my business from falling prey to fraudsters? Well, the answer is simple in theory, harder in real life: do your due diligence.
To read the full publication, click here.
