DES MOINES, Iowa — Two Southeast Iowa men are facing federal charges following an indictment alleging their involvement in a multi-million-dollar Ponzi scheme that prosecutors say involved dozens of victims.
A federal grand jury in Des Moines returned a 16-count indictment in May 2026 charging offenses related to the alleged scheme.
The defendants are Chad Michael Boal, 52, of Burlington, and Cory Duane Richards, 58, of West Burlington.
According to the indictment, Boal and Richards allegedly solicited investments by promising investors high returns with low risk. Prosecutors say the operation was conducted through several business entities described as “unincorporated organized self-supporting humanitarian foundations.”
The organizations named in the indictment include:
- Golden Bar Foundation
- F8511 Foundation
- New Life 314 Foundation
- True North Foundation
- Silver Bar Foundation
Federal prosecutors allege that Boal and Richards used investor funds for their own personal use and benefit.
Both men are charged with conspiracy to commit wire fraud. Boal faces additional charges, including three counts of wire fraud and 12 counts of money laundering involving more than $10,000.
If convicted, conspiracy to commit wire fraud and wire fraud charges each carry a possible maximum sentence of up to 20 years in prison. Each money laundering charge carries a possible sentence of up to 10 years.
Boal and Richards made their initial appearances in federal court in May 2026. A trial is scheduled to begin April 26, 2027.
The investigation is being conducted by the Federal Bureau of Investigation, IRS Criminal Investigation, and the Iowa Insurance Division’s Fraud Bureau.
The case is being prosecuted by Assistant U.S. Attorney Joseph H. Lubben.
U.S. Attorney David C. Waterman of the Southern District of Iowa announced the indictment.
An indictment is only an allegation. The defendants are presumed innocent unless and until they are proven guilty beyond a reasonable doubt in a court of law.