Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Utah Man Sued by SEC Over $100 Million Real Estate Ponzi Scheme

The U.S. Securities and Exchange Commission accused a Utah man of defrauding investors of $100 million by promising outsized returns in a real estate-based Ponzi scheme.

Wayne L. Palmer and his firm, National Note of Utah LC, told investors they would reap annual returns of 12 percent through his plan to buy mortgage notes and real estate assets, the SEC said in a complaint filed in U.S. District Court in Utah today. The agency said in a statement it obtained a temporary restraining order and asset freeze.

Palmer told investors that their money would be completely secure and that National Note had never missed a payment on its promissory notes, the SEC said. Instead, National Note used most of the money it took in from new investors to pay its earlier clients, according to the complaint.

“Palmer promised double-digit returns at his real estate seminars, where investors learned the hard way about his lies and deceit,” Kenneth Israel, head of the SEC’s regional office in Salt Lake City, said in a statement.

A phone call to Randall Mackey, an attorney for Palmer, wasn’t immediately returned.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.