Two Burlington-area men are facing federal fraud and money laundering charges after prosecutors say they operated a Ponzi scheme that cost investors tens of millions of dollars. Chad Boal of Burlington and Cory Richards of West Burlington were indicted by a federal grand jury in May and are charged with conspiracy to commit wire fraud, three counts of wire fraud, and 12 counts of money laundering involving more than $10,000. Both men have been released under court-ordered supervision while awaiting trial.
Federal prosecutors allege the two men used several organizations, including the Gold Bar Foundation, to persuade dozens of investors to put money into what they described as low-risk, high-return ventures. According to the indictment, investors were promised returns ranging from 24 to 100 percent through investments such as bond trading, real estate projects, and escrow accounts. Instead, prosecutors say new investor money was used to repay earlier investors and to finance personal purchases, including vehicles, real estate, farmland, and loan payments.
The indictment also alleges the men made false statements to investors and financial institutions about how the money would be used and the charitable purpose of the foundations. The alleged scheme operated from May 2023 through at least June 2025. Boal and Richards are scheduled to stand trial in federal court in April 2027.
