For those wondering if what Mike did was illegal or just unethical/immoral:
Embezzlement is the act of dishonestly withholding assets for the purpose ofconversion (theft) of such assets by one or more individuals to whom such assets have been entrusted, to be held and/or used for other purposes
Wire Fraud is any fraudulent scheme to intentionally deprive another of property or honest services via mail or wire communication
What Mike did is the very definition of embezzlement and wire fraud, which are felonies in the state of Utah, punishable by up 20 years in prison and full restitution of funds..
To put this further in perspective a Utah woman was just indicted by a grand jury on Embezzlement and wire fraud charges in June of this year. She "used" 1.3 million dollars of client "protected" funds. So there is recent precedence.. If investigations yield he spent ANY of that money gambling or to purchase any sort of personal item, that is felony wire fraud, every time is one count.
At the very least the class action will help the criminal case against mike… In the end, justice might be the only thing we get, and for most of us, that is O.K.
Not sure if I should even bother commenting on this whole debacle as I guess some of my previous posts must of ruffled a mods feathers and were deleted. I just don't want people to get a false sense of hope for justice ever being served on Mike. It won't happen. He will claim that his business model failed and file for bankruptcy protection.
The reality is most likely that he spent countless thousands of dollars on some vice or vices or an unrealistic lifestyle and that was the downfall of the business. He will file for bankruptcy protection and the secured creditors such as banks and Uncle Sam will be first in line to grab any assets that he has left.
Most likely the few assets that he has won't even pay the secured creditors. He won't go to jail as they won't be able to prove fraud.
I have a judgement for 75K in a bankrupcy case against a local businessman in my own town.I will never see a dime from it. He was a crook, plain and simple. The guy doesn't dare show his face in public as there are tons of people that he screwed who would
most likely beat him silly if they saw him. It sucks but that is the system we have. Once again sorry to those who were impacted.