Federal regulators allege Orem man ran Ponzi scheme

When Steven B. Heinz, of Orem, actually put investors’ money into futures trading, he sometimes lost more than $100,000 in a single day. But much of the $4 million he raised went to Ponzi payments to other investors and to pay Heinz’s personal credit card bills, household expenses and family vacations, federal regulators alleged in a lawsuit filed Thursday. The Securities and Exchange Commission sued Heinz and his S.B. Heinz & Associates Inc., alleging Heinz defrauded more than 15 investors when...

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