St. George Businessman Accused of Syphoning $51.4 Million
St. George Businessman Accused of Syphoning $51.4 Million
St. George businessman and philanthropist Jeremy Johnson has been accused of defrauding online consumers and trying to siphon away $51.4 million and hide it from the Federal Trade Commission, which is in the process of investigating Johnson’s company called I Works.
Jeremy Johnson lawsuit
Johnson earned this money mainly through processing online poker payments and Johnson is known to have transferred money and gold bars and coins through a circuitous maze of shell companies. The court appointed receiver, Robb Evans and Associates, has made this statement and Johnson in turn is calling the receiver greedy.
The Federal Trade Commission has slapped cases against I Works and several other companies and had asked them to preserve all their assets. But by trying to hide the gold and the funds, Johnson has brought himself into a harsher spotlight. He of course has denied all such allegations and avers that the receiver is trying to reach for funds that it is not entitled to. Robb Evans and Associates is set to take over all the companies that are being sued and the assets of Johnson as well so as to preserve them till the matter can be resolved in court.
Robb Evans and Associates have examined the records of large numbers of organizations including 35 financial institutions, 115 known affiliated companies and 25 business entities and then unveiled the presence of 65 hitherto unknown business entities that have played a significant role in the moving and concealing funds. These unknown entities only served the purpose of acting like pipelines for the funds to be rerouted through a long and tortuous route.
Johnson has made his money through selling products online to several thousand customers in the USA. Apart from the money he has been trying to hide Johnson also has around $50 million in profits. Johnson and 9 other companies have been sued because he sold products online for a small handling fee but then charged huge unauthorized sums of money on the debit or credit cards of the customers. He has thus been able to make around $350 million. Johnson also claims that the money that the receiver is after is not his and therefore he had made no effort to hide it.
