⏱ 2 min read
Chad Michael Boal, 58, and Cory Duane Richards, 52, both from Burlington, Iowa, have been indicted for running a multi-million dollar Ponzi scheme that affected dozens of victims in the Southern District of Iowa. The scheme, which operated through various fake business entities, promised high returns and low risk to investors. Boal and Richards allegedly used the funds for their own personal use and benefit, leaving investors with significant losses. The indictment was returned in May 2026, and the trial is set for April 26, 2027.
The scheme involved several fake business entities, including the Golden Bar Foundation, F8511 Foundation, New Life 314 Foundation, True North Foundation, and Silver Bar Foundation. Boal and Richards solicited investments from victims, promising them high returns and low risk. However, instead of investing the funds, they used them for their own personal gain.
Boal and Richards are charged with conspiracy to commit wire fraud, and Boal is additionally charged with three counts of wire fraud and 12 counts of money laundering over $10,000. If convicted, they face up to 20 years in prison for the conspiracy and wire fraud charges, and up to 10 years in prison for each money laundering count.
The investigation was conducted by the Federal Bureau of Investigation, IRS Criminal Investigation, and the Iowa Insurance Division’s Fraud Bureau. The case is being prosecuted by Assistant United States Attorney Joseph H. Lubben.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Iowa
- Location: IA
- Source: DOJ Press Release
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