Iowa Ponzi Scheme Targets Friends and Family | Des Moines News

Des Moines News Today | 2 Min News | The Daily News Now! · Jul 25, 2026 · 1m

Two Iowa men, Chad Boal and Cory Richards, face federal charges for allegedly running a $10M+ Ponzi scheme targeting friends, family, and clients—promising high returns through fake “humanitarian foundations” while secretly spending investor cash on luxury cars, homes, and farmland. Both made initial court appearances; Boal faces wire fraud, money laundering, and conspiracy charges—with possible 20-year sentences for wire fraud and up to 10 years per money laundering count. Trial is set for April 26, 2027. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn…