Mark Alan Blankespoor, a Pella Health Coach, Allegedly Orchestrated a Ponzi-like Gym Scheme, According to Federal Authorities; 150 Investors Involved
Mark Alan Blankespoor, 49, a Pella health coach, allegedly operated a medically-oriented gym Ponzi-like scheme, according to federal authorities under review by investor rights attorney Alan Rosca.
Blankespoor, from at least May 2013 through January of this year, allegedly made statements to investors that he was purportedly involved in developing said gym program and licensing it out to fitness clinics around the country, according to the aforementioned statements from federal authorities.
Up to 150 investors allegedly handed over approximately $15 million in funds to Blankespoor, court documents note.
Blankespoor, however, allegedly used their cash for his own personal expenses and to make payments to other investors, which reportedly resulted in over $6.5 million in losses, federal authorities claimed. Said actions were allegedly unbeknownst to investors, authorities state.
Blankespoor also allegedly carried out the scheme based on false promises, making statements to investors that he would supply them a 40 percent return on their investment, according to the indictment.
Blankespoor’s gym was allegedly marketed as a medical fitness center with a physical therapy component, authorities said. Blankespoor also allegedly made claims that the licensing for the gyms was developed by an individual in Buffalo, New York, court records show.
Securities attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Mark Alan Blankespoor’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Mark Alan Blankespoor’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Mark Blankespoor Charged with 12 Counts of Mail Fraud & 12 Counts of Wire fraud
Blankespoor has reportedly been charged with 12 counts of alleged mail fraud and 12 counts of alleged wire fraud, according to statements from U.S. Attorney Marc Krickbaum.
Blankespoor has reportedly pleaded not guilty to the charges, authorities note.
Blankespoor is set to stand trial June 3. If convicted, each charge could send him to prison for as many as 20 years. The counts also carry fines of up to $250,000, authorities report.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related misconduct and are currently investigating Mark Alan Blankespoor’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Mark Alan Blankespoor’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.