Vancouver Man Charged With Running Ponzi Scheme

VANCOUVER, Wash. (AP) – A Washington state agency has filed administrative charges against a Vancouver man accused of violating the state Securities Act by using funds from a pooled investment vehicle to make Ponzi payments to investors, among other violations.

The Columbian reports the Washington Department of Financial Institutions Securities Division entered the statement of charges in mid-December against Charles Richard Burgess.

His attorney Todd Maybrown declined to comment.

According to the statement of charges, between 2013 and 2021, Burgess offered and sold about $6.3 million of investments in the pool to 40 investors.

The department says the offering has never been registered with the state, and Burgess is not a registered investment adviser.