Reva Joyce Stachniw, Ponzi Scheme, Colorado 2024

A massive cattle Ponzi scheme, which swindled approximately $650 million from investors across the country, has been uncovered in Colorado. Reva Joyce Stachniw, 69, of Galesburg, Illinois, and Ron Throgmartin, 57, of Buford, Georgia, have been charged with running the scheme.

According to court documents, Stachniw, Throgmartin, and a third co-conspirator, Mark Ray, operated the Ponzi scheme from late 2017 until early 2019. Ray was previously charged by criminal information for his role in the Ponzi scheme in the Central District of Illinois in February 2020.

The indictment alleges that Stachniw, Throgmartin, and their co-conspirators solicited hundreds of millions of dollars from victim-investors throughout the United States. They falsely represented to investors that their investments were backed by short-term investments in cattle. The conspirators also used false and fraudulent pretenses to solicit money from victim-investors for their Colorado-based marijuana business, Universal Herbs LLC.

Victim-investors were promised returns of approximately 10% to 20% over periods as short as several weeks. At no point did Stachniw, Throgmartin, or Ray tell victim-investors that they were primarily using their money to repay other investors in a Ponzi-style investment scheme or to enrich themselves.

Stachniw and Throgmartin allegedly received millions of dollars from the scheme, despite putting little to none of their own money into it. They are each charged with one count of conspiracy to commit wire fraud and bank fraud, five counts of wire fraud, and one count of conspiracy to engage in money transactions in property derived from specified unlawful activity.

If convicted, Stachniw and Throgmartin face a maximum penalty of 30 years in prison and a $1 million fine for conspiracy to commit wire fraud and bank fraud, 20 years in prison and a $250,000 fine for wire fraud, and 10 years in prison and a $250,000 fine for conspiracy to engage in money transactions in property derived from specified unlawful activity.

Stachniw and Throgmartin made their initial court appearance Tuesday before U.S. Magistrate Judge N. Reid Neureiter of the U.S. District Court for the District of Colorado.

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