The owner of a one-time business known as “Show Me the Money Investments” has been sentenced to jail and ordered to pay $237,000 to two victims who were convinced to take part in a “safe” investment in Utah real estate. Max Banks Clark, 77, pleaded guilty to two third-degree felony counts and one-second degree felony count of theft.
Clark was sentenced February 7 to one year in jail with a suspended prison sentence of one-to-15 years. The defendant was ordered to immediately serve 30 days in jail and will have a review to determine whether he will serve the remaining 335 days if the restitution isn’t paid in full.
According to court documents, Clark convinced two women from Hawaii to invest nearly $400,000.00 on Utah properties in 2006. The victims were promised a 12% return on their investment, a security interest in the properties and a split of any profits from the sale of the properties.
The evidence gathered by the investigation unit of the Utah Attorney General’s Office showed much of that money went directly into accounts controlled by the defendant and were spent on personal expenses. Other funds were funneled through Show Me the Money in ways that were contrary to the agreements he made with victims.
The evidence also showed that years passed without any payments and in 2009 one victim received a letter from Clark stating the properties had gone into foreclosure and all of the money had been lost. Clark did send some of the original investment back but then demanded the return of some of the repayment because he claimed it was his personal money.
Special Agent Steven Sperry of the Attorney General’s Office conducted the investigation and discovered that significant amounts of the funds were used for personal expenses and income for Clark and his wife. The case was prosecuted by the Utah Attorney General’s Office.
Third District Judge Terry Christiansen has given Clark until June 24 to pay full restitution or he will impose the additional jail time. He also ordered Clark to pay a $4,500 fine and placed him on supervised probation for nine years. The judge also ordered Clark to cooperate with state investigators about property transfers, income and assets. Clark has also been forbidden from taking a job allowing access to finances of other people. A booking photo of Clark is attached.