Corporate & Securities Law

The attorneys at Eccleston Law have launched an investigation of John Scott Clark and his companies, Impact Cash, LLC and Impact Payment Systems, LLC for allegedly committing offering fraud and operating a $47 million Ponzi scheme. 

According to a recent SEC complaint, from March 2006 through September 2010, Clark and his companies raised more than $47 million for over 120 investors to fund the operation of his payday loan business. Investors were promised returns on their investment ranging from 55 to 80 percent. 

Rather than use the investor money to make payday loans as he represented, Clark misappropriated the investor money to support his extravagant lifestyle, which included exotic luxury cars and expensive art.  Clark also used new investor money to pay purported profits to earlier investors in the scheme.  In fact, it is believed that Clark and his agents recruited new investors through referrals from earlier investors, who believed that they had profited from the scheme when in fact they simply received new investor money as a Ponzi payment.    

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with John Scott Clark, Impact Cash or Impact Payment Systems, or if you have information about this fraud, please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your case.