Federal authorities have taken legal action against two groups of men accused of operating unrelated Ponzi schemes that collectively defrauded dozens of victims out of millions of dollars. The cases, announced on July 28, 2026, highlight ongoing efforts by U.S. law enforcement to crack down on investment fraud.
In the Southern District of Iowa, a grand jury indicted Chad Michael Boal, 58, and Cory Duane Richards, 52, on charges of conspiracy to commit wire fraud, wire fraud, and money laundering. The 16-count indictment alleges the pair operated through a network of five unincorporated humanitarian foundations—Golden Bar Foundation, F8511 Foundation, New Life 314 Foundation, True North Foundation, and Silver Bar Foundation—to solicit investments with promises of high returns and low risk. Instead, prosecutors say, investor money was diverted for personal use, causing millions of dollars in losses. Boal and Richards made their initial court appearances in May 2026, with trial set for April 26, 2027. If convicted, Boal faces up to 20 years per wire fraud count and 10 years per money laundering count.
Meanwhile, in the Western District of Missouri, a federal judge granted a temporary restraining order against Trevor Uhls, 29, of Lee’s Summit, accused of raising over $2.1 million through fraudulent promissory notes. Uhls allegedly guaranteed returns of 10% to 15% in just 30, 60, or 90 days, but most investors received few, if any, payments. The order freezes assets to preserve them for potential victim restitution, with an injunction hearing scheduled for August 3. The government describes the operation as a classic Ponzi scheme where returns were paid from new investor money.
Both cases are part of a broader federal fraud enforcement push, including the newly created National Fraud Enforcement Division and the Trump administration’s Task Force to Eliminate Fraud. Investigations involve the FBI, IRS Criminal Investigation, and state insurance fraud bureaus. Authorities emphasized the indictments and restraining orders are allegations, and defendants are presumed innocent.
