2020-12-31 sec-litreleases litigation_release 66 KB 2,587 chars

SEC v. William "Bill" Bowser; Christopher Ashby; Scott Beynon; and Jordan Nelson, No. LR-25003, District of Utah (Dec. 31, 2020) — Press Release

raw: Bowser et al.

Bowser et al., No. LR-25003 (Dec. 31, 2020)

Caption
SEC v. William "Bill" Bowser, et al.
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summary

The SEC charged William Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating approximately $2

paragraph

The SEC charged William Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating approximately $2.4 million in investor funds meant for event center development. The alleged scheme involved selling investors interests in for-profit event centers from January 2017 to February 2019, with Bowser diverting funds for personal and operational expenses. The defendants consented to judgments enjoining them from violating securities laws and ordering them to pay disgorgement and penalties, with Bowser liable for $246,966, Ashby for $691,539, Beynon for $728,539, and Nelson for $400,108. The charges included violating antifraud and registration provisions of the Securities Act and Exchange Act.

narrative

The SEC charged William Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating approximately $2.4 million in investor funds meant for event center development. The alleged scheme involved selling investors interests in for-profit event centers from January 2017 to February 2019, with Bowser diverting funds for personal and operational expenses. The defendants consented to judgments enjoining them from violating securities laws and ordering them to pay disgorgement and penalties, with Bowser liable for $246,966, Ashby for $691,539, Beynon for $728,539, and Nelson for $400,108. The charges included violating antifraud and registration provisions of the Securities Act and Exchange Act. The SEC charged William “Bill” Bowser and three associates—Christopher Ashby, Scott Beynon and Jordan Nelson—with securities fraud for diverting investor money that was marketed for the construction of new for‑profit event centers into Bowser’s own operating expenses and payments to earlier investors. From roughly January 2017 through February 2019, the defendants sold interests in the purported “Noah Corporation” projects, failed to escrow the funds, and misused them for non‑project purposes. Bowser is alleged to have violated Sections 17(a)(1) and 17(a)(3) of the 1933 Act and Section 10(b) of the 1934 Act; Ashby, Beynon and Nelson are charged under Sections 17(a)(2), 17(a)(3) and the registration provisions of Section 15(a). All four defendants consented to judgments that enjoin future violations and impose disgorgement plus penalties totaling roughly $2.1 million (Bowser: $47,796 disgorgement + $6,402 interest + $192,768 penalty; Ashby: $551,161 + $43,994 + $96,384; Beynon: $585,426 + $46,729 + $96,384; Nelson: $281,273 + $22,451 + $96,384). The Securities and Exchange Commission (SEC) charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating investor funds intended for the development of event centers. From 2017 to 2019, the defendants sold investor interests in event centers controlled by Bowser’s Noah Corporation, but diverted funds to operational expenses and prior investors rather than construction. The SEC alleged violations of antifraud and registration provisions, and the defendants consented to judgments requiring disgorgement, prejudgment interest, and penalties totaling over $1.5 million. Bowser was ordered to pay $246,966, while Ashby, Beynon, and Nelson were ordered to pay $691,139, $728,539, and $399,108, respectively. The case was investigated by the SEC’s Salt Lake Regional Office.

Enriched metadata

Scheme
pre-ipo-fraud (80%)
Court
District of Utah
Outcome
settled
Disgorgement
$585,426
Entity
William "Bill" Bowser
Classified pre-ipo-fraud(confidence 80%). EDGAR detection: forms S-1/Form D/1-A· recall 72% / precision 8%. detection rule →
Statutes
Sections 17(a)(1) and 17(a)(3) of the Securities ActSections 17(a)(1) and 17(a)(3) of the Securities ActSections 17(a)(1) and 17(a)(3) of the Securities ActSection 10(b) of the Securities Exchange ActSections 17(a)(2) and 17(a)(3) of the Securities Act
Parties
Securities and Exchange CommissionWilliam "Bill" BowserChristopher AshbyScott BeynonJordan Nelson
Keywords
bowserinvestor fundsdisgorgement prejudgmentprejudgment interestinterest penaltysecuritiessecurities exchangeevent centersashby beynonbeynon nelsonpenalty orderingashbybeynonnelsonpay

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 10
  • $585K $585,426 $100K–$1M
  • $551K $551,161 $100K–$1M
  • $281K $281,273 $100K–$1M
  • $193K $192,768 $100K–$1M
  • $96K $96,384 $10K–$100K
  • $48K $47,796 $10K–$100K
  • $47K $46,729 $10K–$100K
  • $44K $43,994 $10K–$100K
  • $22K $22,451 $10K–$100K
  • $6K $6,402 <$10K
Entities 8
  • person christopher ashby
  • person investor funds
  • person jordan nelson
  • person scott beynon
  • agency sec's complaint
  • agency Securities and Exchange Commission
  • scheme_term securities fraud
  • scheme_term securities fraud for misappropriating investor funds
Triples 45
  • Securities and Exchange Commission charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud
  • William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson misappropriated investor funds meant for the development and construction of new event centers
  • SEC's complaint alleges that from approximately January 2017 to February 2019, Ashby, Beynon, and Nelson, through entities they controlled
  • Securities and Exchange Commission v. Bowser et al. filed December 30, 2020
  • Litigation Release No. 25003 dated December 31, 2020
  • SEC charged William Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • SEC alleges Ashby, Beynon, and Nelson, through entities they controlled
  • SEC charged William Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • SEC alleges Ashby, Beynon, and Nelson, through entities they controlled
  • William 'Bill' Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Ashby, Beynon, and Nelson misappropriated investor funds through entities they controlled from approximately January 2017 to February 2019
  • William 'Bill' Bowser charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Christopher Ashby charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Scott Beynon charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Jordan Nelson charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Ashby, Beynon, and Nelson misappropriated investor funds through entities they controlled from approximately January 2017 to February 2019
  • Securities and Exchange Commission charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud
  • Ashby, Beynon, and Nelson misappropriated investor funds
  • Ashby, Beynon, and Nelson controlled entities
  • Securities and Exchange Commission filed Securities and Exchange Commission v. Bowser et al.
  • Securities and Exchange Commission v. Bowser et al. filed December 30, 2020
  • William 'Bill' Bowser charged with securities fraud for misappropriating investor funds
  • Christopher Ashby charged with securities fraud for misappropriating investor funds
  • Scott Beynon charged with securities fraud for misappropriating investor funds
  • Jordan Nelson charged with securities fraud for misappropriating investor funds
  • Ashby, Beynon, and Nelson misappropriated investor funds meant for the development and construction of new event centers
  • Securities and Exchange Commission charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud
  • William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson for misappropriating investor funds
  • Ashby, Beynon, and Nelson controlled entities
  • Ashby, Beynon, and Nelson misappropriated investor funds
  • investor funds meant for development and construction of new event centers
  • Securities and Exchange Commission filed Securities and Exchange Commission v. Bowser et al.
  • Securities and Exchange Commission v. Bowser et al. filed December 30, 2020
  • William 'Bill' Bowser charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Christopher Ashby charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Scott Beynon charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • Jordan Nelson charged with securities fraud for misappropriating investor funds meant for the development and construction of new event centers
  • SEC charged William 'Bill' Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud
  • Ashby, Beynon, and Nelson misappropriated investor funds meant for the development and construction of new event centers
  • SEC charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • The SEC's complaint alleges that from approximately January 2017 to February 2019, Ashby, Beynon, and Nelson, through entities they controlled
  • SEC charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson
  • SEC alleges Ashby, Beynon, and Nelson, through entities they controlled
PDF (from attached: complaint)
Plaintiff, Securities and Exchange Commission (the “Commission”), for its Complaint · Source
Text layers
Extracted body text (2,587c) 
SEC Charges Individuals with Fraud for Misappropriating Investor Funds Litigation Release No. 25003 / December 31, 2020 Securities and Exchange Commission v. Bowser et al., No. 2:20-civ-00918-TS (D. Utah filed December 30, 2020) The Securities and Exchange Commission charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating investor funds meant for the development and construction of new event centers. The SEC's complaint alleges that from approximately January 2017 to February 2019, Ashby, Beynon, and Nelson, through entities they controlled, sold investors interests in for-profit event centers purportedly being developed by Noah Corporation, an entity Bowser controlled. As alleged, Bowser diverted investor funds earmarked for specific properties and instead used them for Noah Corporation's and Bowser's operational and other expenses and to pay prior investors, rather than for construction of event centers as represented to investors. The complaint further alleges that contrary to their representations to investors, Ashby, Beynon, and Nelson failed to escrow investor funds and disbursed them to an entity Bowser controlled without having any controls in place to ensure that the disbursements were for legitimate expenses. The SEC's complaint, filed in federal district court in Utah, charges Bowser with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder. The complaint charges Ashby, Beynon, and Nelson with violating the antifraud provisions of Sections 17(a)(2) and 17(a)(3) of the Securities Act and the registration provisions of Section 15(a) of the Exchange Act. Without admitting or denying the allegations of the complaint, the defendants have consented to judgments enjoining them from violating the charged provisions, ordering Bowser to pay disgorgement of $47,796 with prejudgment interest of $6,402 and a $192,768 penalty, ordering Ashby to pay disgorgement of $551,161 with prejudgment interest of $43,994 and a $96,384 penalty, ordering Beynon to pay disgorgement of $585,426 with prejudgment interest of $46,729 and a $96,384 penalty, and ordering Nelson to pay disgorgement of $281,273 with prejudgment interest of $22,451 and a $96,384 penalty. The SEC's investigation was conducted by Cheryl Mori and was supervised by Daniel Wadley and Amy Oliver of the Salt Lake Regional Office. The litigation will be led by Casey Fronk. SEC Complaint
OCR text (2,587c · html-text · 99% conf) 
SEC Charges Individuals with Fraud for Misappropriating Investor Funds Litigation Release No. 25003 / December 31, 2020 Securities and Exchange Commission v. Bowser et al., No. 2:20-civ-00918-TS (D. Utah filed December 30, 2020) The Securities and Exchange Commission charged William "Bill" Bowser, Christopher Ashby, Scott Beynon, and Jordan Nelson with securities fraud for misappropriating investor funds meant for the development and construction of new event centers. The SEC's complaint alleges that from approximately January 2017 to February 2019, Ashby, Beynon, and Nelson, through entities they controlled, sold investors interests in for-profit event centers purportedly being developed by Noah Corporation, an entity Bowser controlled. As alleged, Bowser diverted investor funds earmarked for specific properties and instead used them for Noah Corporation's and Bowser's operational and other expenses and to pay prior investors, rather than for construction of event centers as represented to investors. The complaint further alleges that contrary to their representations to investors, Ashby, Beynon, and Nelson failed to escrow investor funds and disbursed them to an entity Bowser controlled without having any controls in place to ensure that the disbursements were for legitimate expenses. The SEC's complaint, filed in federal district court in Utah, charges Bowser with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder. The complaint charges Ashby, Beynon, and Nelson with violating the antifraud provisions of Sections 17(a)(2) and 17(a)(3) of the Securities Act and the registration provisions of Section 15(a) of the Exchange Act. Without admitting or denying the allegations of the complaint, the defendants have consented to judgments enjoining them from violating the charged provisions, ordering Bowser to pay disgorgement of $47,796 with prejudgment interest of $6,402 and a $192,768 penalty, ordering Ashby to pay disgorgement of $551,161 with prejudgment interest of $43,994 and a $96,384 penalty, ordering Beynon to pay disgorgement of $585,426 with prejudgment interest of $46,729 and a $96,384 penalty, and ordering Nelson to pay disgorgement of $281,273 with prejudgment interest of $22,451 and a $96,384 penalty. The SEC's investigation was conducted by Cheryl Mori and was supervised by Daniel Wadley and Amy Oliver of the Salt Lake Regional Office. The litigation will be led by Casey Fronk. SEC Complaint

Related documents (1)