Two southeast Iowa men are facing federal charges after prosecutors say they ran a Ponzi-style investment scheme that cost dozens of victims tens of millions of dollars.
A federal grand jury in Davenport has indicted Chad Michael Boal of Burlington and Corey Duane Richards of West Burlington on conspiracy to commit wire fraud.
According to prosecutors, the two men operated what was called the “Golden Bar Foundation,” which they promoted as a legitimate investment opportunity. They allegedly promised investors returns ranging from 24 to 100 percent, claiming the investments were risk-free and tax-free.
Federal officials say the operation followed the classic pattern of a Ponzi scheme—using money from new investors to pay earlier investors—while diverting remaining funds for personal use.
The indictment outlines luxury spending that includes multiple high-end vehicles such as Audis and a Dodge Viper, along with hundreds of acres of farmland and real estate purchases. One property referenced is a home valued at about $667,000 dollars that backs up to Spirit Hollow Golf Course in Burlington.
Boal is charged with 16 counts, including wire fraud and money laundering. Richards faces the conspiracy charge.
Prosecutors say the alleged scheme ran from May of 2023 through June of last year and involved dozens of victims across the region.
In newly filed court documents, federal officials are also seeking to seize assets belonging to Boal and Richards as the case moves forward.
The investigation remains ongoing.