This is fantastic news.  I've been watching this situation with interest for some time and was surprised it took so long for the government to do something about it all.  The prices of homes in the Riverbottoms and some neighborhoods in Lehi, Eagle Mountain and Saratoga Springs were just plain out of control and showed little or no logic.  I mean seriously, when you have homes in upscale gated communities like Pepperwood in Sandy with twice the square footeage selling for less than some of the homes in Provo that were not nearly as nice just because of some illegal flipping how did these folks not think someone would eventually catch on.

All I am saying is.... it sounds like Bradley is more to blame than the others.  He is the mastermind behind all this.  Why are you saying that Clark is the guilty one here? 

The indictment points out some serious issues that were not even mentioned in the papers. It will be interesting which defendants try to plea bargain because the allegations are big time.  I don't think any of these guys want to go to jail.  The finger pointing has just begun but its pretty apparent they were all involved to some degree.

c 

A subjective opinion of any of the individuals in the indictment based on media outlets is quite a ridiculous assumption.  So Doerr, I think you should be cautious of what you say.  Sounds to me that you are more or less a competitor to Clarke and relish in the recent events.  

Didn't you say something about greed?  interesting.  Who were you talking about?  You or those indicted?

Think about it 

It's funny to see one of Wade's former employees continually come on here and make crazy accusations. We all know who you are already. Get over it.

Who would know more about fraud and corruption then a former employee?

I am an owner of a local mortgage company.  Brad Kitchen contacted our company to do financing for one of his so called purchases.  My partner went over to his office and was taken into his "Donald Trump styled board room", where he barked orders at his blinded followers.  My partner listned and realized right away that this guy was going down the wrong road.  He did take a copy of the loan file that he wanted us to look at back to our office.  We all had a good laugh, the file was FULL of fraud:

1. Fraudulent bank funds

2. Fraudulent income

3. VERY fraudulent appraisal - The appraiser used three comparable properties that were all sold by the same agent, all of these sales were contracts of sale.  All sales were atleast 1 million more than the property sold for in the last year.  This is how they jack up the values to create a new FAKE value and keep the ball rolling!  Some poor sap underwriter eventually got a hold of this file and I guess the appraiser tweeked it enough and they didn't notice all of the fraud in the appraisal.  I have been in the business 22 years and of course one look and it jumped out at me.  I can't see how it wasn't seen but it sailed on and closed a few months later.  I know that he organized his realtor, appraiser, basically team of individuals to create this scam.  So wake up long time friend, forget about the nice boat rides on the lake and all the talk about the money etc.   FRAUD FRAUD FRAUD

Jason

You mentioned "They are under investigation for fraud and SEC charges..." regarding Wade Sleater and Kyle  Nelson.     Where can i read about this on KSL?   I would like to learn more.

Does anyone know what relation SLEATER, RYAN C & TIFFANY T are to Wade and Atlas?

The State of Utah and the Utah Mortgage Fraud Task Force are searching for victims of Atlas Capital and Wade Sleater. If you know someone who is a victim, or if you have information that is connected to this investigation then contact:

Phone: (801) 530-6747

email: realestate@utah.gov

Heber M. Wells Building
2nd Floor
160 East 300 South
Salt Lake City 84114-6711

Send in any information that you may have or encourage those you know who might be affected to do the same.

Hi Jordan,

You sound like you love Wade very much.  But you must give your husband the bennefit of grieving the loss of his money.  I mean things could be worse, you could actually end up living in Wade's basement and then you would be just as mad as your husband.  So don't forget that!!  I see a real courage in your words and a defiance that comes from a strong family.  You seem like you and Wade have been raised in a family with principles: Like don't lie, don't cheat, don't steal.  Helping your father by paying him back first is a real example to all the other investors of the 3rd commandment - honor thy mother and thy father.  They need to belive that they will get paid back and then just be patient.  As far as your nose is concerned, have you considered Gelcistic Pins.  These are little tube like inserts that can save you a lot of pain.  The only side effect is that they make your eyes droopy so if you have a beak-like nose you don't want to add droopy eyes or you'll really look strange.  I have a profile online if you guys want to see it it's at: http://corrections.utah.gov/asp-bin/sexoffender.asp?offender=154309&addrid=759997&jurs_flg=U&name_id=459717

If you are trying to get money back from Wade Sleater then you may want to file your complaint with the state as soon as you can because you're already falling behind others: LIKE THE IRS

Entry #:116465-2007 Recorded: 8/10/2007 11:13:56 AM
Consideration:$104,039.78 IRS TAX LIEN
Abbv Legal Desc: - SERIAL #381670507
REAL PROPERTY: LT 3 MT AIREY AT RED HAWK RANCH R1-N26,2

SLEATER, SHANDA
SHANDA DAWN SLEATER TRUST SEPT 10 2004
SLEATER, WESTON W (Wade goes by his middle name on some deals and uses his first name "Weston" on others. Also he has some property in his wife's name:
SLEATER, SHANDA

· info@operationkids.com

WHO TO CONTACT: 

Here are the email addresses of the dudes at the State Division of Securities (part of the State of Utah Department of Commerce) who appear to be investigating SIMILAR transactions and entities.  That is not to say that they are currently looking at anybody listed here -- I have no idea.  If you want to file a complaint or just contribute info that you are aware of with the Division of Securities they are eager to hear from you.  They want to clean things up but require information that they seem unable to get unless it comes from live people. 

Mike Hinses:  m.hinses@utah.gov 
Wayne Klein: w.klein@utah.gov

You can also get additional info about the Division at:  http://www.securities.utah.gov/

Or you can call them at:  801-530-6600

Criminal Charges were filed agains one Paul Bouchard and Hunters Capital on or around December 4th for his involvement in a "real estate scheme" which is reminiscent of some folks expereinces as outlined on this board.  Here are the actual charges from the Division of Securities web site:

http://www.securities.utah.gov/press/bouchard.pdf

This link was posted previously on this board but I think that in light of all the speculation that has taken place since it was posted we would do well to re-establish that there are actual facts coming out and they are being pursued only because intersted citizens are pushing them through the system and providing the truth to the investigators.  Without that participation this would fade away.  This thing goes a lot deeper than the one guy charged so far, we all know that, I encourage everybody with a story to tell, whether it's your own or your friends' or your family's, please contact the Division of Securities, give them your story, answer their questions and let's hope that they can sort it all out!  Let us know what you find out and we'll help get to the bottom of this. 

ATLAS CAPITAL & WADE SLEATER SOUND A LOT LIKE HUNTERS CAPITAL: 

According to charging documents, Bouchard and his company, Hunters Capital, commited the following crimes:

Approached investors with the following offers:

• Investor's money would be used for hard money loans to buy real estate in exchange for promissory notes.
• Investors could get their deposit back with a 30-day written notice.
• Investors would receive a 3-4% return per month on their investment with Hunters Capital.

HELLO ATLAS & WADE YOU'RE DOING THE SAME THING AREN'T YOU???

Jordan Sleater-Shields,

First of all I am pretty sure Wade won't have to worry about having any friends or acquaintances invest with him again.  After all if family comes first and he is willing to rip off his own family where do friends or casual acquaintances fit into that picture?  Wade has broken the bonds of trust and friendship with several people and though it might be hard for you to hear he is not the best guy in the world.  He could have been much more forthcoming with information as his business empire was falling around him.  Tell me Jordan why should anyone outside of your family ever trust Wade again (including your husband since it is apparent from your comment about family photos that your parents don't count spouses as family).

Jon has every right to ask you to put more pressure on Wade.  Wade owes a lot of money to a lot of people and those fortunate enough to get anything back before 15 million years should thank their lucky stars.

Merry Christmas.

If you knew wade and his family the way you purport to you would know that the entry above was NOT by Jordan. Everyone needs to quit acting like they are on the "inside" and has these grandeous suggestions. If you dont know what your talking about then dont talk. No, Im not Wade or one of his family members! I have lost more than many through this whole thing but Im sick and tired of people coming on here bitching and moaning just because they can. I support David for doing this, and feel it is very healthy but only if the contributions to the conversation are based on facts and actual events and not pent up emotion. There are many people hurting through this including Wade and his family. How about everyone takes a break from feeding your anger by seeking blood and go enjoy time with your families during the holidays instead of reading this blog. Come back in January with a resolution to seek truth, justice and understanding. Sure, there will be much to pay for all of the decisions Wade made most likely one of those being a lot of jail time for him but quit feeding your "I told you so" self righteous attitudes. This email is not directly to Mike but all those above who seem to find satisfaction in letting everyone know that "I know better, why dont you others, now Im the saint who is gonna hunt him down and show everyone they should listen to me next time" attitude. Go do something productive. Call the division of securities, talk to the FBI, go get an attorney do something other than rant and rave to try and sound like you know what your talking about. What a joke! Probably 50% of whats on this blog is discolored and untrue. Im out till January and hopefully everyone will have had some time to breathe and gain some sanity to do this the right way, with the right facts and constructively.

 Merry Christmas!

Yeah Mike!  You need to know that Jon is only my husband and not actually a Sleater.  There's a big difference!!   Jon has had trouble accepting this at times, but my dad, Sonny, has had several talks with him about this and he now understands.  Trust me, Jon is no Sleater!!!

Jordan

thanks for narrowing it down for us all.... now we all know who you are. Not a sleater lover. Not a sleater. Just think you people suck for pulling wade's family into this and basically saying horrible things about them. Very cool of you.

There's going to be two parts to the story.  First off, there are SEC violations.  Wade and his group were soliciting investments without being licensed to do so.  Definitely a no-no.  Second, the Utah Division of Real Estate is allowed to prosecute unlicensed individuals who commit real estate fraud.  Inflating values on homes, not disclosing certain things on a real estate application (like how many homes you actually own).  i Don't hold Wade accountable for all these things.  There were PLENTY of other people involved; appraisers, loan officers (to an extent).

 You see things like mail fraud and wire fraud with the Ron Clarke case.  It's going to be the same things for the Atlas Group. 

The Utah Division of Securities has an open investigation into Atlas Capital.  Anyone with information or a complaint can contact the lead investigator, Dianna Parrish, at 801-530-6600 or email her at dparrish@utah.gov

You may also submit a formal complaint with the following form...
http://www.securities.utah.gov/complaint_general.html

So are the Kitchens really living in a motel right now?

It's been way too long since somebody posted here... since I've moved out of state, I only get my info from places like this. I had money invested with Wade Sleater... and was approached multiple times about deals with a company called Source Twelve Real Estate....does that ring a bell to anyone? I would like to know if that is where some of my money went. I have not been able to get a hold of anyone at Mr. Sleater's company for a long time. The last I was able to get was a young lady who worked with him, who said that he would be contacting me soon. I still haven't heard from him. I am afraid that he is trying to get away with my money. Does anyone still have contact with Mr. Sleater? I have heard about some lawsuits, but don't know how to get involved. I have also heard that he may be going to prison? What would happen to my investment then?

If anyone has anything more to say about this, please keep posting...so that people like me can stay involved and up to date. Where is Mr. Sleater now? What does he do to make money now? He must be working....

I must appreciate your work. It is really too good to read. from last couple of days i was searching for something interesting and this post is really nice.

Thanks for this nice post.

Handy Saputra

Home loan, Mortgage Articles, Resources and Information

Watch out for Wade Sleater and his associate Mark Craner_  FRAUD ALERT!!!!

Whomever is accusing me, Ben Treasure, of posting on this site is grossly mistaken. I found this blog today, April 25, 2008, after Googling Wade Sleater's name to see if anything had happened regarding his predicament. Again, let me go on the record in saying that this is the first time I, Ben Treasure, have ever visited this blog. 

So for anyone who felt compelled to label anonymous posts with my name, I would only ask that you keep my name out of any of this business. I do not respect Wade Sleater, but I understand the willingness of members of his family to defend him. This is not my fight. As such, please keep me out of it. Thank you all. 

This is Ben Treasure one last time: Now that I am at I might as well say one other thing...Wade made some mistakes...that's for sure, but he's a good guy and he made sure that my family had our money back.  Also, I know that he made sure that his dad got his money back. His dad's name is Sonny....sometimes they call him "Sonny-D" - not for the orange drink "Sunny D" which is short for Sunny Delight, but "Sonny" cause that's his nick name and "D" for dad.  It's kind of a catch all.  ANYWAY ...Sonny got his money back - and so did I...so Wade isn't that bad!!

I certainly hope that the IRS, Division of Real Estate, Dept. of Corporations, Dept of Securities and the other powers to be - find, investigate, try and convict Wade Sleater, his gang along with Mark Craner.

Does anyone know of a Heather Hamilton, also previously known as Heather Grotepas? She lives in Highland, and a few company names she uses are,  "Commerce Financial Partners", "First Choice Stategies",  and "H&A Properties". She's a predator and a con artist  so beware.  Her scheme involves using your credit to obtain a loan (straw buyer) for homes in "distress" with built-in equity".  She then skims the equity to "fix up" the homes to flip and split the profits with you.  And of course she pays a fee for the use of your credit also.  She organizes the entire loan for you (isn't she nice) and all you have to do is sign without her disclosing that the  loan docs  are riddled with false claims of inflated income, inflated assests,  and owner occupancy claim in order to get a great interest rate.   And oh yea,  she needs you to sign in a hurry ( so you want see the false claims that her in the pocket mortgage broker stated in the loan)  because a hot deal is about to  get away so she'll go over the loan docs later and also she will give you a lawyer approved promisary note later because she is so busy making you lots of money. (She never does)  And last but not least you never have to worry about anything because she willl be responsible for making those nasty little mortgage payments that are in your name, not hers.   She is the handler of all the money.   All you have to do is sit back and rake in the money. She doesn't  flip the home, just guts them and spends the money earmarked to fix-up the homes.   She does makes the mortgage payments for a short period of time to look legit  then you just happen to get a NOD in the mail but of course it's just a mistake, not to worry, she has everything in control.  Then 90 days later you get a Trustee Sale notice on the property.  Oh but it's not her fault some dirty rotten dude made her lose lots of money and she can't make the mortgage payments.   She cries a few crocodile tears and  then hurries off to the next investor (victim)  to close on the next deal to save the property from being autioned off on the court house steps.  She saves it from the first foreclosure  and then never makes another payment after that and you get your second NOD.  When you contact her she gets  lawyered up and will not communicate.  The property gets forceclosed on and your credit is ruined, and you are possibly  forced into bankruptcy.   She doesn't share  any liability, your name is on the loan not hers.  She lives off of the equity one  equity skim at a time.  She does not have any capital.  Just borrows from "Peter to pay Paul"  and makes others moneies look like her own.  Ponzi Scheme, that's what you call it.  Does anyone out there  know her or know someone that has been scammed by her.  I have talked to the investigators and  we are putting a case together to get an indictment so this fraudulent  lady can not do this to other people.  I know 5 people that she has scammed totaling over a million dollars lost in her investment scheme. Let's stop her by banning together because she will not stop until justice smacks her in the face.  More cases we gather showing patterns of her fraudulent behavior the better.   

Who is the lawyer you are using to go after Heather Hamilton?

So Sonny got his money back? I heard he is having to sell his house.

There have been a couple of posts on here (a long time back, specifically on 12/12/07 by Jason) mentioning Wade Sleater and Kyle Nelson and their mortgage fraud schemes. Can anyone tell me more about this? Did they run a mortgage company or did they mill equity from others homes, sell properties at inflated appraised values? What specifically did they do to create fraud? I am interested in knowing more about their involvement in mortgage fraud since I was a victim of the Ockham Group and Rex Wheeler and I know those guys bought their personal residences and residences of many of their employees and boys at Atlas. I am interested to know how closely the two were connected and if Wade had a mortgage company that funded some of Ockhams loans, etc. Any info would be appreciated

Larry,

If you want to give me your email or phone number, I can tell you what I know.  I am a victim also of Ockham, Sleater, et. al.  Would love to hear your story. 

Here is a great site about banks, online banking, internet banking, tax form, rewards credit cards, accept credit cards online, 6 months interest free credit cards, bankruptcy credit, credit finance, massachusetts banks, bank websites, credit cards, debt consolidations, loans, credit reports, investments, stocks and shares, small business, currency exchange and more. Hope can share with everyone here http://www.nominatedbank.info

I just saw your inquiry as to the lawyer I am using to go after Heather Hamilton.  I have talked to several lawyers for the civil case but have not started the civil case yet.  I reported her to the Utah County Attorney and am working with them to have her criminally charged.  Do you have information on Heather or have you been ripped off by her also? You can contact me at 801-358-6492. 

The above comment is a mistake, the comment is meant to be from "report the thief",   to Tato.

there are people who do this all the time and nothing ever gets done I know a compnay who pays for the employess and their wives to get their credit fixed buy home over inflate them take out the equity and live off of it...they have done this on over 15 homes in utah county alone..and are now moving to other states..whats worse is they have a tax lein of over 260k for not paying employee withholding taxes and nothig gets doens....the wives own  1 million in homes with no employemnt....and nothing gets done not to mention 2 of the home are being short saled

To anyone reading this:

I grew up with Wade. I know his whole family. Played with him as a kid, rode a skateboard for the first time in his driveway, went to school with him, seminary classes in the morning, camping with the Boy Scouts and had many other adventures with him.

Although I haven't seen him in a long time, I believe, in his heart Wade is a good man. I think he just made a couple bad choices. Strayed from the path a little, got distracted by the money.

Anyway...I didn't want Jordan to be the only one sticking up for him on this site.

Josh,

I am glad you knew Wade when you were younger.  You don't know him now, he is a crook plain and simple.  I hope he goes to prison to pay the price for what he has done to so many innocent people.  He has had total disregard to honesty, integrity, good business sense, and a sense of doing what is right.  Maybe if he sits in jail (and I mean real jail) for a few years, he will come out the person you think he was.  Maybe if that happens he will work on repaying those people he stole from.  I would not publicize his attending seminary classes with you.  If he did go, he either didn't learn about what is right, or the stereotypes of the LDS faith are alive and well.  He treats those not of the kingdom with complete disregard.  If you want to defend him, you might want to talk to those that have been ripped off by him first.

My financial advisor linked me up with Rex G. Wheeler and the Ockham Group (4233 S. Highland Dr., Holladay, UT) where I signed up and paid $1250.00 consulting fee to improve my financial situation.

I have perfect credit and no other debts other than my personal home mortgage.  I pay my bills on time, my taxes (fairly),  pay off my credit cards in full each month, and earn an honest living.

I cannot prove links to Rex Wheeler and Wade Sleater, but much of the Ockham Group's downfall was attributed to Wade squandering a hard money cash account and not paying monies owed to Rex.  This had a ripple effect that put the Ockham Group out of business, among other issues.  This in turn forced Rex to default on a capital lease with me for a I property that I cannot afford and cannot sell. Besides the down market not even generating an offer, Rex had the house gutted to be renovated and they only got half way done before the Ockham Group went up in smoke November 2007, leaving the home un-inhabitable.

Rex also defaulted on another home from an investor that also was leasing two to other properties from me.  This in turn made the other investor unwilling to pay me and I would need to sue him in the State of Texas where the other two properties reside in order to get payment.  I do not have the ability (time and money) to make this fight worthwhile.

Rex is now in Bankruptcy Court trying to complete that process.

I have been trying to correct this mess since December, but thanks to thousands of people in various lending institutions that are now reeling with foreclosures, the drop in the real estate market makes it impossible to sell these properties without a short sale or foreclosure.

I am also in the lovely position of having to prove to lenders that I am a victim and I did not attempt to defraud them.

I am likely going to end up in bankruptcy court myself ruining my life and credit, and hurting my family thanks to these jerks.

This is not a personal matter I cannot tolerate discussion about how sweet and innocent people are. The behavior and actions by people like Wade and Rex have written their own chapter in reasons for the downfall of the economy. Yes, there are numerous stories across the country and actions for companies that had their part, but remember, all of these people were probably nice little kids skateboarding with their friends, going to church, and may or may not have gone on a mission.

The financial mess attributed to the bottom falling out of the sub-prime lending market has now had a greater impact, financially, than the 9/11 attacks.  You should now be thankful that people like Wade do not end up in Guantanamo.

We must now demand severe regulation of the real estate investment corporations and financial advisers.  You need to have a license to cut someones hair, but you do not need to have any credentials, malpractice insurance, nor bonds, to advise people on their financial well-being.  I was appalled when watching the Fox News financial analyst in Washington reporting on the congressional bailout plan and when the question was asked 'What should the average citizen do to assess their financial risk?' the answer was 'Consult with your  financial adviser.'  My financial adviser is how me, and a few of my co-workers got into this mess.

Anyone that had similar experiences with the Ockham Group are encouraged to do three things:

1-Post here for all to see

2-Report your experiences to http://www.perfecthomeliving.com/

3-Report this to the State of Utah and the Utah Mortgage Fraud Task Force
Phone: (801) 530-6747

email: realestate@utah.gov

Heber M. Wells Building
2nd Floor
160 East 300 South
Salt Lake City 84114-6711

Maybe you ought to go have a chat with your financial advisor and get some casch from him seeing as though he was taking a rake off of each loan you closed. Who knows maybe he didnt even get paid but that why he was sending you over there...to get half of the points and yeild spread, I guess if anyone is going to have them illegally it should be you.

A lot of this was done through the Mass Mutual Life Insurance Company advisors.  I know Rex had many relationships with them including my connection to him.  I think if there are others out there we need to form a class action lawsuit against MML to recover lost assets.  I also know Rex paid finder's fees (commissions) to those agents that referred business to him.  No one involved has money, but MML does.  The only way innocent victims can recover anything is to go after them.  I understand there are legal implications for those agents but it all depends on how and where you were introduced to Rex Wheeler.  

I do not know if my advisor's relationship to Rex had any connection through Mass Mutual Life Insurance.  At the time, my advisor was selling through Horizon Financial and I believe it was a mis-guided referral with little or no due diligence.  I cannot remember where (maybe this post) there were other bits of information that contained comments possibly showing a relationshp between Rex and Horizon.  It is tough to connect the dots, but there are probably innocent links as well as contaminated links.

Again, anyone that reads this post that had anything to do with these situations, please post here.  Help connect the dots.  I know this effort maybe too late, but there are several advanteges to help share their stories to put the brakes on fraud that cost everyone!!! not just the guy holding the bag.

There are a ton of these scams that were run on all of us when the money was given out by the banks like candy at Halloween. I am a victim of one of these scams. They all sound alike and work pretty much the same and what is sick is the way they use our religion to do their business.

The group in my case involves:

New Concept Mortgage and brokers of NCM        Dean Casutt

Robert Blankenship                                         Jeffery Wankier- Appraisor

Dan Anderson                                                 Allison Wilkinson- Employee of Jeffery

Andrew Ford- Owner of NCM                              Gary Doctorman- Attorney for First Utah

Jed Ashton- Owner NCM                                    Paul Goodwin and his company Deseret Homes

Atlas Title

First Utah Bank

Bruce Curtis- First Utah Bank loan officer

John Wormdahl- VP First Utah Bank

Atlas Title, I assume that is Wade Sleater since every one of his companies seemed to have the name Atlas in it.  The guy is a crook, Rex Wheeler can claim Wade put him in the situation he is a crook also.  

You are right about banks giving out money, they took bogus appraisals and lent money on them.  Sleater and Wheeler brought in a lot of unsuspecting and trusting people and screwed them plain and simple by using our good credit to lend money on properties that were never worth even close to what the appraisals claimed.  I understand Wade is devout LDS, not sure about Rex.  You folks in the LDS Church, especially those in his local Church (or whatever you call it) should hold that guy accountable to what he has done to good honest folks like myself.  I doubt anything has happened, or will happen for that matter, legally or in his community. 

What is the biggest shame is that these snakes will claim the housing market was the reason for their downfall.  Truth is, they were going down way before this credit situation the banks were in.  They ran a Ponzi Scheme plain and simple.  They truly believe they were victims like the rest of us.  No accountability or responsibility for their actions.

I don't know about you, but in my house that is plain wrong.

What is sadly humorous is the Ockham Group's website is still up.  It states that you need to have a financial advisor in order to join their program.  We need to demand more responsible credentials for being a financial advisor. Check it out to find out more about how they setup business. http://www.ockhamgroup.com/php/

To help close down fraud in Utah, please contact Michael Blackburn of Perfect Home Living. 

http://www.perfecthomeliving.com/

 Perfect Home Living helps identify fraud schemes and the people perpetrating the offense.  This effort could also help you in your defense against mortgage lenders in supporting your claims of being a victem.  The lenders could say you signed the loan application, therefore you committed fraud. Perfect Home Living prepares a report about your experience in an alleged scheme and sends it to the Utah Division of Real Estate and the FBI.  This may be able to help you fight the lender on helping to get out of your upside down loan situation.

If more people come forward and make their relationships known, there is a stronger chance of getting people like Wade and Rex behind bars. If you think you are unduly grouped into the same category as Rex and Wade, then state your position here.  Get it out on the table and help sort out this mess.

I have emails, files, and loan documents that show Ockham Group Staff omitting known liabilities on my loan applications.  The lender will say that I signed it, so it is my problem, but the omitted information was present on my credit report and was not called into question....so now who is at fault.  Also, when I was offered to get two properties through the Ockham Group, I was told to get the process done simultaneously so it would not lower my credit score as much, but in reality, they were trying to apply simultaneously and not disclose each other's application for the new liability.  The draft loan applications sent to me showed the 'other' property I was trying to get, but when I reviewed closing documents closely, I noticed the copies of the applications omitted the information shown on the preliminary applications I started with.

This is likely why lending institutions sell their loans in bulk on the world market.  They know they have bad apples in the bushel, the goal is to sell those off before they go into default.  That way everyone absorbs their irresponsibility instead of being accountable directly for their weak lending practice. Still wonder what role this type of practice has on our economy's current crisis?  If you helped people like Rex and Wade and don't step up to help shut down fraud, then every part of your life that is hurting due to financial strain is yours to own.  That is why I am offering this information to get the ball rolling that crushes predators.

Don't Forget:  GRANDMA GOT RUN OVER BY WADE SLEATER...MERRY CHRISTMAS COMING SOON FOR GRANDMA

It's more than grandma.  Sleater and the rest of the Mormon mafia in Utah have run over thousands of innocent people.  For the life of me, I can't understand how those folks haven't been excommunicated from the LDS Ward they belong to.  If the LDS Church truly has so much oversight on the "business" dealings of their flocks, these guys should be out.  

I think this has run it's course and you all need to find a new hobby. Businesses failed, lawsuit have been filed, people lost money.  I've my own misgivings with what happened, but when I had things to say I said them to Wade's face.  Since then I've felt much better about the whole situation and have been able to move on with my life and finances.

I still think people should be sharing information and helping each other out, but the insults and childish behavior speaks volumes against your cause.

If Wade was man enough to see me face to face, then maybe I would agree with you.  He isn't, he is hiding and that truly shows the man he is.

P.S.  Milking people of literally millions of dollars and not being man enough to own up to it is more than childish and I don't need preaching from you.

130 days ago by Ex Source Xii Worker [send email] I worked for Source XII during the summer and fall of 2007. Here's how it works: Atlas Ventures was the "parent company, " and all other companies controlled by Wade were subsidiaries. For example, under Atlas Ventures there were businesses such as Independent Student Media, Inc. (that's the film/movie company referred to in an earlier post), Atlas Capital (the investment wing), Atlas Marketing (the sales wing), etc. Source XII, from what I understood, was the accounting wing of all these businesses EXCEPT Atlas Marketing, which had its own controller and accounting department. There were about 5 people in Source XII who handled the accounting for the various entities. Not all entities that we did the accounting for were subsidiaries of Atlas Ventures, but some were. I never really saw or experienced anything that was questionable, as I didn't have any interaction with the sales reps. So anything relating to Atlas Marketing I wasn't really familiar with. In late Fall 2007, I started to realize that the whole infrastructure was going to collapse because of cash flow problems. That was when I really started to see some of the questionable behavior appear. A week or so before we normally ran payroll for some of the employees, the CFO printed and cashed his paycheck. The same thing happened the next pay period, just before the CFO took his family to Hawaii. That was when everything seemed to come to a stop. I hadn't been paid for two pay cycles, and when I returned to work on a Monday, the office was completely empty...no computers, no desks, and all the doors to the main part of the office building were locked with the lights off. It was like the company literally moved everything overnight. Luckily I had the phone number for one of the employees who told me that everything had moved to South Provo. I finally found where the new location was, and went and demanded my own paycheck (this is after the first one they had given me bounced). Naturally, I wanted nothing more to do with the company because I didn't believe they could continue to make payroll, so I quit. The interesting thing about all this is that before the CFO went on vacation to Hawaii, he asked me to pay a bill in the amount of $96, 000. When I looked at the bill, it was for a suite in the Energy Solutions Arena in SLC. Knowing that many employees hadn't been paid yet, I refused to pay the bill (I hadn't even been paid yet...there was no way I was going to buy box seats for Wade and his buddies without my paycheck first). In addition to all that, the last week I worked there I remember going through the mail as the CFO had asked me to; as I did so, I opened up letter after letter from the IRS stating that they would start seizing assets if Atlas Ventures didn't pay its taxes. As I was in the accounting department, I started to look into this on my own time, and realized that we were VERY behind in tax payments. The interesting thing is that it didn't seem to bother the CFO or anybody else. The last thing that really bothered me is that about a week before I quit, we had a meeting about obtaining financing for Independent Student Media, Inc. (a.k.a. ISM), as Atlas Ventures could no longer support it with its capital needs. I was directly over the books for ISM, and the CFO was my supervisor. We had been working on updating the accounts and ensuring that each transaction was properly accounted for. The day that the CFO and President of ISM went to go visit various banks to obtain financing, I opened the books and noticed that a number of large transactions were moved from the expense and liability accounts to either the income or equity accounts. It really bothered me because I wasn't sure if they (the CFO and President) would be able to secure a credit line given that they had changed some of the accounting records. They obviously did what they did because up to that point, ISM had yet to post a profit, and no bank is going to give lending to a company with lots of debt and no profit. To this day, I'm not sure if they ever obtained financing from a bank or not, but I hope they didn't. I'm mad that I wasn't allowed to go with them to the banks because I believe they were dishonest in their financial representation of ISM. In conclusion, I can't say that I really saw anything against the law (except for the tax delinquency and changing of the accounting records), but there were certainly behaviors I found a little unethical and questionable. My only regret is that I didn't get out sooner.

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Smile upon Life :) A man walks into a restaurant with a full-grown ostrich behind him...

Any word yet when and if folks will get their money back?

What money. It is all gone, and no one will receive anything.  They get off free and good honest people left paying for their misrepresentations and fraud.  Just another example of Mormons using their "religion" to screw a bunch of other people.

What? that is almost laughable! You think this is a "mormon" thing? You must be very young, uneducated or just naive. You must be one of these people that has a comment about how "mormonism" is the reason for everything that happens in the media. You ever heard of Madoff? Pretty sure he wasnt LDS. If you are looking at crimes in Utah then of course some of them are committed by LDS people. If you took every person ever convicted of a "ponzi" type crime the last 10 years in the US what percentage of them do you think would be LDS? maybe 5 %? ...Just another example of comments from an ignorant prejudice! Grow up or shut up (and Im not defending slater, I lost over 250k). Try to know what your talking about before you talk about it!

Don't tell me to "shut up".  Tell me one thing did these crooks use their Mormon faith as a way to dupe people or not?  I heard these scoundrels espouse Joseph Smith, Brigham Young, et. al. as their role models.  Excellent way to build credibility from a bunch of polygamist liars.  Other than them only having one wife (I assume) I see no difference in their lies and the founders of such a great religion that in a little over 100 years has rewritten its rules literally thousands of time. I in no way refer to all crimes being Mormon as you imply, just them being another example of it.  I am not young naive or anything of the sort.  You using terms like "shut up" may show a little about your level of sophistication.  I don't really

Your answer is no. No they did not use their mormon faith as a way to "dupe" people. Apparently you werent a victim, so how would you even know? Oh, thats right..."I heard"...that sounds like a credible source! So back to your original comment, how did they "use their religions to screw a bunch of other people"? Please use some real examples, not an "I heard" comment.

PS, what in the world does "them" having or not having Joseph Smith and Brigham Young as role models have anything to do with anything? You are telling me that because they may have had a certain role model that because the idividual made big mistakes or maybe even broke laws that some how that means the veracity of Joseph Smith or Brigham Young ceases to exist? Do you believe in God? Im sure you are not a perfect individual, does that mean that when you make mistakes that the things god taught are not true? Does this mean that because a follower of Ghandi that breaks the law or excercises immoral practices, that the things Ghandi taught are now somehow incorrect or a big "fraud"??? Does this mean that the practitioners in the local prodestant churches by living imperfect lives are proving that the teachings of their ministers or leaders are not true?  The reasoning behind what you say just does not jive!

Don't assume you know anything about me.  I am a victim, I went to their seminars, heard he a Rick Koerber, Wade Sleater, Rex Wheeler, and the guys who died in the plane crash in 2006 espouse Joseph Smith, Brigham Young, and many other Mormon leaders as examples of how their principles prevail.  When it gets right down to it, they don't.  Yes I believe in God (by the way God is capitalized you idiot), and yes LDS is the biggest lie of religion out there.  At least Christians, Muslims, Hindus, Jews, etc. will be up front of what they believe unlike the LDS church (I don't capitalize church on purpose) has a hidden doctrine, rituals, etc. that you can not even know about until you blindly accept the outrageous tenets of the Mormon religion.  You are a moron to stand up for these guys and describe them as "individuals making mistakes."  That couldn't be further from the truth.  They are thieves, and liars plain and simple.  They used their LDS faith and philosophies to make themselves out to be honest and ethical men of God.

These past few posts have been quite interesting to read. I totally understand the emotion in both arguments but I find myself agreeing with the author of "wow" and "by the way". I am having a hard time connecting the dots between what seems to be a securities issue and religion. This whole thing in my opinion seems to be a matter of someone listening to a business model/plan or "investment opportunity" and someone writing a check. Whether this one turned out to be a good one or bad one seems to me to have no bearing at all on the religion of those borrowing the money. I wonder if the person who seems to despise the LDS church would have felt differently about the church or "joined" the church had they had a good experience with Koerber and/or Sleater? My feeling is probably not, nor should he have. I dont find it wise to base a belief or feelings of a religion or faith on the actions of its followers or members. It seems to me that since the purpose of faith and religion is to better ourselves and "become like God", that that would be a fruitless effort since everyone and every religion has sinners and is far from perfect. Using this type of deductive resoning would seem to lead someone to find no religion and no God since every religion or believer in God I know if realizes ther imperfectness before him in some form or fahion.  It may have been unwise but I put my name on here because I see no reason to hide behind the blog and if you are sincere and not here just to spew intolerance, hate and prejudice. It seems we can only have an honest conversation if we are candid and honest with who we are to begin with.

I too am a "victim" (and I use the term lightly) as this past conversation has been interesting to follow. The reason I use it lightly is because I did loose a SIGNIFICANT amount of money but not because I felt lied to or decieved. I was familiar with the business Wade ran, I have known him for a while and find his heart to be one that had no malice or intent to decieve. I can see now that there were warning signs and see how things may have gotten "larger than he coudle properly handle", but I dont see this as a consequence of his religion at all? I see it more as an immature and irresponsible investment. The rest of my life is changed becasue of decisions I did and did not make. Why do you feel it your place to condemn and defame his religion and the founders of his religion because of his actions? You say you are a believer in God yet you seem to think that if their Church was "true" the people would be perfect. As I mentioned earlier, is not the purpose for a faith in God, and our existance on this earth to be able to discover our impurities and faults and to repent and purge ourselves of our inate desire to sin ("the carnal or natural man")? I am not saying that our purpose on earth is to "hurt" other people and repent of it, but I am saying I find it ironic that a self proclaimed believer in God can so easily hate and harass any religion, nevertheless a religion that has done some much for mankind and humanity even if you feel they are just another christian religion or even a religion period. IN my opinion this has NOTHING whatsoever to do with Joseph Smith and Brigham Young. I am saying that their beliefs and faith have nothing to do with you losing money or whatever it is that makes you a "victim".

What your telling me is that the Jewish faith is a fraud and a hoax because Madoff made out with billions of dollars??? That doesnt seem right to me, wouldnt you agree? Why then is it ok to use the same rational with the LDS church? Am I understanding your argument correctly? I know that it is comforting and much easier to swallow a significant loss when there is someone to blame and even better when their is an entire religion to defame because of it, but if you were so vehemently disgusted with these people why did you turn your money over to them? Is this hate for them and their religion a new found emotion as a consequence of your loss or is this how you have always felt. You would have walked out of that "seminar" if you felt this way to begin with right? From the outside looking in, you admit you attended the seminars, like what they had to say (therefore committing something significant enought that the loss of which allows you to define yourself a "victim") and now it is gone or at least considered a loss. It seems to me to be a convenient time to change your mind and opinion on how you felt about them. It seems a convenient time to confess your opinions and feeling about the LDS church and have an excuse to do so. Do you get on the internet and blog about Charles Ponzi, Bernard Madoff, Dona Branca, Lou Pearlman, Damara Bertges and Yang Fengyou. Do you get on and blog about how the leaders of there religions were frauds? Do you get on and display your hatred for the leaders of their faith? It seems to me that you for some reason have hate in your heart for the LDS church and find it a convenient time for defamatory remarks because it is your opinion you have been "screwed" by one of its members. 

It turns out I made a bad investment, but that doesnt mean anything about Koerbers religion, nor does that mean Sleater was a bad person. So far, it seems that I put money in a bad investment. I would suggest you spend some time doing some serious introspection yourself. I made a rash decision and put money with someone I trusted. That didnt turn out so well for me and it doesnt sound like it turned out well for you either, and for that I empathize, but thats my bad as well as yours. We are the ones that signed the checks, Im quite sure no one broke in to your bank and withdrew the money from your account. If they did, then I would say you have something to bitch about. Lets even say the worst case scenario is true (lets pray for theirs and their families sake its not), and that Sleater/Koerber are convicted or Fraud or something of the sort. That still (in my opinion) does not excuse me from bad judgement and making a bad loan.

I understand the frustration but disagree with the channeling of the anger. If they are found to have been irresponsible with the money, they will suffer the consequences if they have not already. That is on them though. NOT on their religion. I would not see it my place to challenge the leaders and tenants of your faith based on your actions, I dont feel its fair for you too either!

Devin

I am glad you put your name here as you (I believe) worked for the guy.  When I see what he knowingly and ultimately did to myself and my family and then hides from his actions and claims he was/is a victim, that shows his true colors.  The same for Wheeler and the whole lot.  No one claims responsibility, they walked from their liabilities and left honest people holding the bag.  Now as I see it, that is more than bad business.  These cockroaches have run and hid in their families basements (literally) and have NEVER admitted any wrongdoing.  At least Madoff had the class, I use that term lightly, to do that when he got caught running a Ponzi scheme.  As far as the Jewish connection goes, I didn't go into business with Madoff nor did I hear how he got people to invest with him.  I did with these guys and they had no problem wearing their religion on their sleeves, so they could be perceived as thoughtful men of God.  The faith I believe in, says you make restitution with those you have wronged, from my vantage point yours does not practice that based on theirs and many other people's actions that claim to be loyal followers ofthe LDS faith.  Hell as much as your individual wards know about each and every member's financial position, you think they would hold them accountable but again they are not accountable to anyone.  I have done the right thing and paid my debts to the banks that they left me with and taken responsibility for my actions of trusting these people.  

Getting into the specifics of individual actions, promises and performances is a whole other conversation in which I am unfortunately interested in getting in to. The only point I wwanted to make clear was that there actions have no bearing on other members of the church. Its an unfortunate thing that you feel that way about the LDS faith and religion. I am not in your shoes so I guess its hard for me to know where your coming from but with all the logic in my being I cannot understand how you can judge an entire religion and its followers based off of the actions of a few people. I think it would be unwise, unfair and to be honest quite rediculous for us to believe that all catholics are perverts and liars and deceivers because some of their clergy were convicted of molestation. Does this seem reasonable?

sorry, I meant to say I am NOT interested in talking about specifics. I just get really uncomfortable and a little hurt when people are so flagrant about a religion they dont seem to understand the way I do and that is why I wanted to keep my remarks about. Any remarks about Wade or individuals will be between the individual and I as we have already done and will continue to do so. Its a lot easier to cut through the rumors and bull that way, know what I mean?

Looks like people who raised money for Keorber and Sleater need to be just as cautious...

http://www.ksl.com/index.php?nid=148&sid=5502404

ST. GEORGE, Utah (AP) -- A man who was associated with an Ogden man sentenced to prison in a $140 million fraud scheme has been charged in the case.

William J. Hammons, 64, an investment counselor in St. George, was charged last week in 5th District Court in Washington County with multiple counts, including securities fraud and being an unregistered securities agent, for allegedly bilking four investors out of $1.1 million by directing them to projects run by Val Southwick.

Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.

Another man, Shawn Moore, 42, of Centerville, was charged in 3rd District Court late last year with several counts, including securities fraud, for allegedly bilking six investors.

Someone close to Wade and Gabe told me they have been working on a new business venture. I don't know what it is all about but I was told Wade, Gabe, Setema Gali, Steve Freestone, and Jon Shields are all involved and I was invited to a mastermind they have. Apparently it takes place every Wednesday at 10am at 947 South 500 East , Suite 300 in American Fork. 

I was surprised that the person told me about this because they know how I feel about these guys. Especially Wade because of how he screwed me and countless other employees over.

Here are some things you may want to check out that I came across. 

http://www.youtube.com/user/bigdude185 - Gabe's personal youtube channel.

http://www.facebook.com/people/Wade-Sleater/1415293806

http://www.facebook.com/people/Shanda-Schenfeld-Sleater/1406450046

Looking at the videos from Gabe it suggests they are involved with something on the internet trying to make money. Does anyone have any updates with what is going on? I would be interested in learning what has been going on with Gabe and Wade. Rick K is not hiding out but those two are. Wade and Gabe have completely disappeared it looks like other than they are on facebook and youtube. Maybe we should all try to get our questions answered there.

Will these guys ever get real jobs? Probably not, as long as there are suckers out there to fall for their ridiculous offers. After watching the Global Resort Network video that Gabe did, I don't know how anyone could seriously think this company will pay $25,000 a week. That would be $1.3 million a year. Wouldn't everyone be working for them if it were that easy to make that kind of money? Imagine how many people will have to be ripped off to come up with a commission like that. Oh, but it is possible for anyone to make that much money. After all, the checks do arrive by Fed Ex- Yeah, right. Unfortunately, there are too many people who have not caught on to the fact that if it sounds too good to be true, it probably is. These guys are junior Bernie Madoffs in the making. Will they ever pay for what they have done? It appears if they don't get caught, they will continue to sink to whatever level it takes to support the extravagant lifestyles they think they deserve. Unfortunately, there is no shortage of scams for them to get involved with. If one doesn't work for them, I'm certain they will move onto another one. I sometimes wonder how they sleep at night, knowing how many people they have taken advantage of.  The one thing people should get from this blog is that they better be careful who they trust and don't assume because no legal action has been taken against someone, that they are running a legitimate business, investment, pyramid- etc. You only have to look to the news to see that the SEC has been pretty lacking in cracking down on this kind of behavior. Again, be your own watchdog. Don't fall victim to these type of people. Maybe they should try to earn money the old fashioned way- prepare for an honorable career-- work hard, be diligent, and above all else- be honest.

Wade will never get a "real" job because then he'd have to do "real" work. Having worked with Wade extensively I discovered that he doesn't have an appreciation of what it takes to actually work. Other than the short stint he pulled with Preventitive and the first year of Atlas being up and running he hasn't had to lift a finger to do anything. And why would he when people are so willing to give him money or to work to earn his good graces? It kills me because his brother and his sister work their a**es off and actually have an appreciation of what it means to earn a living, where Wade has always had it easy. I respect the hell out of his siblings but Wade has proven time and time again that all he cares about is his own wallet and his own indulgences.

Don't know Setema all that well but I have a lot of respect for him and while I wish him the best, I have a hard time hoping for his success when he partners up with pond scum like Wade and Gabe Joseph. It's sad that decent people like Jon Shields is getting sucked into the Wade vortex again, but what do you expect when he's part of the family?

If you want to know everything these two idiots will teach you, go buy Rich Dad, Poor Dad, Atlas Shrugged, From Good To Great and Built To Last. After that you'll be as educated as Wade and Gabe and probably twice as smart for never having listened to them.

Don't know much about Setema Gali either, other than if he is doing things with Wade Sleater and Gabe Joseph he must be like them. If you hang around poop, and you smell like poop too, you must be poop.

My question is when is Wade Sleater going to pay for what he has done to people? How come nothing has happened to him? He's living life like he's done nothing wrong when everyone else is paying for his fraud and lies. I was talking with Jimmy D. and he told me Wade Sleater is doing a project with a company called Solution X. From what it looks like they make customized websites for MLM companies. I wonder if Solution X knows who Wade Sleater really is? As I did some research a guy by the name of Scott Shields shows up as the President for Solution X, anyone know if there is any relation between Jon Shields and Scott Shields? If there is, I wonder if the owners know who Wade is and what he has done? I doubt they would want to work with Wade unless he is being protected by Scott Shields. This may be an assumption but I think there is a connection. Solution X seems like a pretty big company.

Does anyone else know anything about Solution X and the relation to Wade Sleater and Jon Shields and if Jon Shields is related to Scott Shields who is the president for Solution X?

All these people are related.  It's an LDS thing, intermarrying, inbreeding, repopulating the many planets after leaving this one, ripping honest people off.  You can bet the family tree doesn't have too many branches on the Sleaeter one LDS to the core.

America West Bank in Layton, UT. fails today surprise, surprise.  They were lenders involved in Rex's/Wade's schemes.  Looks like the FDIC (taxpayer) now pays for their idiotic decisons.  As Reverend Wright says, "the chickens have come home to roost."

Any connection to the Koerber indictment?  Will these guys be next?

New court documents are out wanting to consolidate all of Rex G. Wheeler's bankruptcy cases.  Some of the exhibits show the various business accounts under Rex's LLC shell game writing several checks to his (then) wife Jodi Wheeler.  Also, Rex was sending checks to Union Central, which is Rex's life insurance policy.  This is one method of harboring your money away from being seized.

The Ockham Group balance sheet shows a transaction with Garret Gundersen, further linking involvement. 

Some of the document findings:

'13. the books and records of the Debtors also contain significant evidence of commingling of Wheeler's personal expenditures with business expenditures of the Debtors. More than $158,000 was paid to Jodi Wheeler, Wheeler's ex-wife, more than $137,000 of which cam from Bedrock, Property Certain and Enlightened, much of which is accounted for in "Rex Wheeler Draws" (see Exhibit 5). Other payments include alimony and child support payments (8); dry cleaning, credit card payments, and car repair expenses.

14. Around the fourth quarter of 2007, payments on debts owed by Wade Sleater and Atlas Capital to Bedrock were deposited into the bank account of Rex Wheeler rather than Bedrock, with cas received by Wheeler related to the same totaling more than $468,000 (see Exhibit 6).  It appears Wheeler began receiving cash on several notes receivable of other Debtors into his account around the fourth quarter of 2007.....'

The documents further identify that cash flowed freely between Ochkam Group, Bedrock Marketing, Enlightened Management, Property Certain.

Also, the circular shell game of the Ockham Group sounds  like this:

Bedrock was doing business as Ockham Group, but there was also a seperate LLC call the Ockham Group, so checks written out loosly can be directed two, or more, ways.  Also, any bookkeeping softly referred to transactions as 'Ockham' allow for fund entanglement and their books being unable to account for their transactions.

I say to that....Bravo Mr. Wheeler!!!! I think you need to sell this game idea to Parker Brothers.  I am sure they will buy it.  It represents a real life game that is able to support "The Willing Suspension of Dis-Belief"...a criticial factor in selling a fantasy. Because there are real life people that have lost fortunes and credit worthiness, as well as emotional and administrative time dealing with this financial terrorism.  The only winner in this game is......? Well, great job Rex, maybe it was just your ex-wife and all the patronage of businesses that you and Wade blew other peoples money on.  Problem:  Whom should be dealt the "Go Directly to Jail" card???!!!

This is all very fascinating reading. This is under the US Bankruptcy Court Nos. 08-20300, 08-20308, 08-20305, 08-20303, 08-20307 in Salt Lake City.

Consolidation Hearing is July 1, 2009 at 1 PM.  Judge William T. Thurman Court.  U.S. Bankruptcy Court, 350 South Main St. Salt Lake City, UT.

Good question: Will Rex go to jail over this? Personally I don't think so unless individuals who were harmed step up and take the 30 minutes to fill out the complaint form with the State of Utah Division of Securities. Unfortunately for whatever reason I don't think many people have which is a shame because what Rex did was absolutely undeniabley FRAUD!!

I too have read Rex's trustee's recommendation to consolidate his entities (Wheeler personally, Bedrock Marketing, Enlightenment Mgmt and Ockham Group) into one pool because in his words:

 "The financial affairs of Wheeler and each of the Debtor Entities are so entangled and comingled that a reconstruction of the accounting would be prohibitively expensive and probably not even possible". "

"checks were deposited into Bedrock's account. However, invested money was subsequently used or loaned out by any of the other Debtor Entities or by Wheeler individually"

"In addition, Bedrock transferred more than 4477,000 to Property Certain to cover operating cash shortfalls, make mortgage payments, pay legal fees, loans and other obligations. Finally, bedrock transferred more than $966,000 to Wheeler (including disbursements to his ex-wife Jodi Wheeler) for car repairs, a car purchase, cash payments, loan payments, and other personal expenses."

"In total, over $1 million was disbursed to Wheeler from the Debtor Entities, much of which was denominated as "draws", and some of which was used to pay personal expenses such as dry cleaning costs, credit card payments, alimony, and child support payments."

"The cash transfers between the Debtors appear to have included cash from investors, loans, and other sources."

"Several of the transfersbetween the Debtors appear to have been made in order to pay significant obligations of another Debtor entity."

"Around the fourth quarter of 2007, payments on debts owed by Wade Sleater and Atlas Capital to Bedrock were deposited into the bank account of Rex Wheeler rather than Bedrock, with cash received by Wheeler related to the same totalling more than $468,000 (see Exhibit 6). It appears Wheeler began receiving cash on several notes receivable of the Debtors into his personal account around the fourth quarter of 2007."

There are many, many more statements like this from the trustee handling Rex's bankruptcy and from the forensic accountant from Pricewaterhouse Coopers which was hired to review the books. These findings of the trustee and his expert consultants are conclusive evidence that Rex Wheeler was stealing investors money to pay for his personal expenses, purchases, etc. and are clear evidence of him running a ponzi scheme by the necessity to continuously borrow money from one Debtor Entity in order to pay investor interest and other obligations of another Debtor Entity.

This commingling/ponzi/fraud does not even touch on Rex's primary method of scheming investors by milling their equity from their homes, using someone else's good credit to buy the home and having the seller invest all of their equity with him in a hard money loan, just to pay them an abnormally high interest rate with other investors money/equity. If you are still questioning wether this was a ponzi scheme or not, think about this: Isn't it interesting that when the banks stopped lending high LTV's and started requiring verification of income/assetts, etc. and when the real estate values eroded and equity evaporated, Rex could not continue milling equity since it was gone. His main source of investors money was gone. He could not continue making the large interest payments to prior investors so he defaulted and ran quickly to file bankruptcy.

Rex wants everyone to believe that he was simply screwed by Wade and that he is also a victim. It is not true. Wade is a crook and did steal the approx. $5.5 million dollars that Rex gave him (investors money) but set that aside. His trustees findings clearly show he was using other investors money to pay other investors, oh, and also steal approx. $1 million for his own personal use. This was going on the entire time regardless of Wade.

There are many ,many honest people that have been crushed by this whole scheme including myself. We all made some basic investing mistakes but there is a major differnce between making a bad decision and commiting fraud. The biggest tradegy that could come out of this is if Rex Wheeler does not have to pay consequences for his crimes. I strongly urge anyone who is a victim of this ponzi scheme to contact the Utah Division of Securities and file a formal complaint. It can be done online at:

http://www.securities.utah.gov/enforcement.html

 Also you should contact the lead investigator in this case: Dianna Parrish (801)530-6600 or dparrish@utah.gov

They are looking for victims of Rex Wheeler and Wade Sleater. Don't let these guys get away without paying for their crimes.

Who has an update on what is going on with Wade Sleater? When will he have his day in court? Wade Sleater is going down.

LIT,

Feel better? Your an IDIOT.

Go to scribd.com and search "Wade Sleater bankruptcy judgement" You'll find recommended reading that states, if I understand it correctly,  that Wade was sued by the trustee of Bedrock and Enlightenment's bankruptcy and was ordered to pay over $11million.

Too bad that means nothing once He files BK himself.

I figured that would be the case. any criminal prosecution possible? Maybe tax evasion?