Will The "Val Southwick" Debachery Ever End With Accountability For ALL Involved?

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In a recent update on the Val Southwick case, it appears that Bill Hammons is finally getting his due. I've included some of my favorite tid-bits.

St. George resident Bill Hammons said he tried to tell his friend not to turn over the money to the Ogden businessman-turned-scam artist.

Hammons' defense strategy relies on the argument that he was not soliciting or selling investments and did not receive "commissions." Rather the latter were "finders fees," and he contends he was fooled by Southwick, just like other investors.

Hammons denies criminal wrongdoing. If convicted, the 63-year-old faces up to 5 years in prison for each of five 3rd-degree felony charges, and 1-15 years for each of five 2nd-degree felony charges, plus possible fines.

Hammons' defense strategy relies on the argument that he was not soliciting or selling investments and did not receive "commissions." Rather the latter were "finders fees," and he contends he was fooled by Southwick, just like other investors.

Hammons received a 6 percent fee for the money people invested in VesCor because of him, and an additional 5 percent if they reinvested at maturity, according to his testimony in a deposition.

However, Hammons knew everything all along, as he indicates in his e-mails to Southwick:

Sometime after the Ogden businessman's companies stopped paying investors, as pressure mounted from those who had invested through him, Hammons wrote Southwick an e-mail.
"You have relied on me to help you deflect lawsuits so you can concentrate on the business problems," Hammons wrote. "I have done so in every instance, but what I am learning from what I see is that a lawsuit is your only motivation to solve problems with an investor."
Hammons concludes by saying, "Sorry to be preachy but only your true friends can tell you the truth and have you accept it and act on it. I am disappointed."

"Documents gathered in lawsuits, however, show that VesCor classified the payments to Hammons as commissions, listed him as a reference and showed he was intimately involved in some decisions for clients.

"Bill called this morning with the following reminders," said one internal e-mail. "Moving half of [the] money from Marilyn Barnes from Apex to Sienna, [and] Kristy Jones -- has 200K to invest[,] 1/2 will go to Apex and the remaining 1/2 to Sienna.

"Bill said these investors have more money that could potentially be invested; however, they are 'nervous Nellys' and need to be taken care of with the [documents] . . . etc."
Investors even alerted Hammons to their worries that there was no guarantee VesCor was legitimately handling their money."

Documents provided to the court-appointed receiver in VesCor's subsequent bankruptcy showed that Hammons has a net worth of $5 million, living off interest and commissions since his retirement in 2000 or 2001.

"Given the magnitude of money he received from VesCor, it is likely that all of his assets have their genesis in money from VesCor investors," Gil Miller of PricewaterhouseCooper said in another court document.

Now that they are going after Hammons, the rumored next on the chopping block: Casey Craig, Southwick's alleged right-hand-man and claimed 'front' for many of his companies.
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