Rexburg Man to Pay Restitution For Ponzi Scheme


0  Updated at 9:34 am, August 1st, 2012 By: Managing Editor
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 (REXBURG) – A Rexburg man has been ordered to pay nearly $12 million in fines and restitution for running a Ponzi scheme. Michael Justin Hoopes allegedly defrauded over $11 million from several individuals for his commodity pool known as Aspen Trading between 2006 and 2011. Federal documents say Hoopes misappropriated funds, among other illegal activities, which included using his clients’ money for personal expenses.