Thomas Madden, Fraud, Utah 2025

ST. GEORGE, Utah — Thomas Paul Madden, 66, of Washington City, Utah, and Jeremy Tyler Grabow, 54, of Ladera Ranch, California, are at the center of a massive fraud scheme that has left over 200 investors out of pocket. According to court documents, the duo used their entities, Cascade IR, LLC and Savitar Systems LLC, to dupe investors into handing over millions of dollars.

Madden and Grabow's scheme, which began in September 2017, involved using investors' money for personal expenses and Ponzi payments, resulting in Madden taking in over $23 million. But that wasn't enough for the pair, who in 2021 started using Savitar to further defraud investors. They claimed the company was working on a large casino and resort project in Mexico, but in reality, they didn't have a legitimate business partnership and were simply diverting investors' money into their Ponzi scheme.

The Savitar scheme resulted in Madden and Grabow obtaining over $2 million from at least 10 investors. Madden is charged with four counts of wire fraud, while Madden and Grabow are both charged with wire fraud conspiracy and money laundering conspiracy.

Madden is set to appear in court on February 3, 2025, at 10:00 a.m. before a U.S. Magistrate Judge in St. George, while Grabow's initial appearance is scheduled for February 24, 2025, at 10:00 a.m. before the same judge.

United States Attorney Trina A. Higgins for the District of Utah made the announcement, with the case being investigated jointly by the Utah Division of Securities and the FBI Salt Lake City Field Office. Assistant United States Attorneys Stephen P. Dent and Joseph M. Hood of the U.S. Attorney's Office for the District of Utah are prosecuting the case.

If you think you are a victim in this case, information can be found on the U.S. Attorney's Office Victim Witness Assistance page. An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Defendant/Respondent: Thomas Paul Madden, 66, and Jeremy Tyler Grabow, 54

Criminal Charges: Madden - 4 counts of wire fraud, Madden and Grabow - wire fraud conspiracy and money laundering conspiracy

City and State: St. George, Utah

Exact Date: September 2017 to present (investigation), February 2025 (court appearances)

Sentence/Outcome: Ongoing investigation, court appearances scheduled

Dollar Amounts: Over $23 million (Madden's scheme), over $2 million (Savitar scheme)

Source: https://www.justice.gov/usao-ut/pr/utah-and-california-businessmen-indicted-defrauding-millions-dollars-investors