A federal grand jury has indicted two southeast Iowa men on charges alleging they operated a Ponzi scheme that defrauded investors out of millions of dollars.
According to the indictment, Chad M. Boal of Burlington and Corey D. Richards of West Burlington conspired from at least May 2023 through June 2025 to solicit investments through the Golden Bar Foundation and other purported humanitarian foundations.
They falsely promised “risk-free, tax-free” returns of 24% to 100%, according to the indictment.
Prosecutors allege the men told investors their money would be used for bond trading, real estate development, and escrow accounts. Instead, funds were used to to repay earlier investors, purchase vehicles and farmland, and pay personal debts.
Boal and Richards are each charged with one count of conspiracy to commit wire fraud. Boal also faces three counts of wire fraud and 12 counts of money laundering over $10,000.
