Chad Michael Boal and Cory Duane Richards were indicted on federal charges tied to a multi-million-dollar Ponzi scheme. DOJ alleged the defendants promised high returns, solicited investments from dozens of victims, and used investor funds for personal benefit.

A federal grand jury returned a 16-count indictment charging Chad Michael Boal and Cory Duane Richards in connection with a Ponzi scheme, DOJ said. Prosecutors alleged that the defendants solicited investments by promising high returns to victims and then operated the scheme in a way that masked misuse of investor funds. DOJ said the fraud involved “dozens” of victims and millions in losses. According to the government, rather than investing as promised, the defendants allegedly used investor money for personal use and personal benefit. The indictment reflects the typical mechanics of Ponzi-based fraud: early investors are often paid with funds contributed by newer participants, helping create the illusion that investment activity is generating legitimate profits. Prosecutors’ allegations included multiple federal offenses arising from the conduct, as reflected by the 16-count structure of the indictment. The case signals continued enforcement against investment schemes that rely on high-yield claims, pressure to invest quickly, and financial reporting or communications that can obscure the true source of money used for payments. As the matter proceeds, the indictment will frame the government’s allegations for a court to evaluate, while victims await accountability for alleged financial losses.