Utah Division of Securities

This National Consumer Protection Week, it’s important to know that you’re not alone when it comes to scams! If you encounter any suspicious activity or fall victim to a scam, you can report it to the Utah Division of Consumer Protection, the Federal Trade Commission, and local law enforcement. Protect yourself and others by speaking up!

A Utah man is behind bars after allegedly orchestrating a $1 million Ponzi scheme involving fake real estate and vehicle flips. He is accused of promising massive returns but used new investor cash for personal gain. Check the details of the indictment and learn how to verify your broker before you invest.

Read the story here: https://commerce.utah.gov/2026/02/11/utah-man-behind-bars-following-1-million-ponzi-scheme/

Scammers are using more AI and social media to give classic investment cons a high-tech upgrade. From "pig butchering" to AI-generated fake charts, fraud is more deceptive than ever in 2026.

Read the full article here: https://securities.utah.gov/2026/01/05/old-tricks-new-twists-avoiding-investment-scams-in-2026/

The State of Utah has earned an 'A' grade for its exemplary commitment to financial literacy education.
This prestigious recognition reflects the effectiveness of our state's educational standards, including the requirement for a stand-alone General Financial Literacy course for high school graduation. This course is a pioneering measure in the nation. Furthermore, this achievement validates the integrated K-12 instruction provided through the Financial and Economic Literacy Passport.
The Utah Division of Securities is dedicated to ensuring Utahns are equipped with the financial knowledge necessary for sound decision-making and investment protection.

Learn more at https://tinyurl.com/34hznb6z

St. George resident Thomas Paul Madden has been sentenced to 100 months in federal prison for running a massive Ponzi and securities fraud scheme. Madden, who pleaded guilty to Wire Fraud and Conspiracy charges, defrauded over 200 investors of more than $23 million. Learn more at https://securities.utah.gov/2025/11/17/utah-man-sentenced-to-100-months-in-prison-for-multi-million-dollar-securities-fraud-scheme/

Check out this story by Robyn Oguinye of FOX 13 Investigates! Our director, Robert Cummings, was interviewed for the piece on why consumers should exercise caution when turning to AI chatbots for financial advice.

Read the full story to learn more about the topic

Consumer Rules with Robyn: Should you be using AI chatbots for financial advice? LendingTree found that nearly half of chatbot users say A.I. has influenced at least one of their financial decisions.

A Belgian national, living in Utah, received a 60-month prison sentence for orchestrating a $5 million Ponzi scheme, defrauding 75 investors. Read the full press release for details on the sentencing and restitution ordered: https://blog.commerce.utah.gov/2025/09/19/news-release-belgian-national-sentenced-to-prison-after-defrauding-investors-in-a-5m-ponzi-scheme/

On this day in 2008, the collapse of Lehman Brothers sent shockwaves through the global economy. This pivotal moment serves as a powerful reminder of how interconnected the world's financial systems are.

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The Utah Division of Securities is urging all registered investment advisers to prioritize cybersecurity and adopt a written incident response plan—a critical best practice for protecting your clients from threats like phishing scams.

Learn more about this important guidance and how to safeguard your firm at securities.utah.gov/news-releases/

The Utah Division of Securities has updated its guidance on reasonable hourly fees for investment adviser firms. This change gives firms more flexibility in setting their rates based on experience and market dynamics, while the Division maintains its commitment to protecting investors from unreasonable fees. The update reflects the economic reality that most Adviser firms charge based on a percentage of assets under management, with hourly fees used for ancillary services.

For more information, including what this means for investors and firms, please visit https://securities.utah.gov/news-releases/