Two Southeast Iowa Men Indicted in Multi-Million Dollar Ponzi Scheme

DES MOINES, IA – A federal grand jury in Des Moines returned a 16-count indictment in May 2026 charging offenses related to a Ponzi scheme involving dozens of victims and millions of dollars of loss to the victims.  Chad Michael Boal, of Burlington, and Cory Duane Richards, of West Burlington, were indicted for their alleged roles in a massive Ponzi scheme that defrauded dozens of victims out of tens of millions of dollars.

The indictment charges both Boal and Richards with Conspiracy to Commit Wire Fraud. Additionally, Boal faces individual charges of three counts of Wire Fraud and twelve counts of Money Laundering over $10,000.  Conspiracy to commit wire fraud and wire fraud count is punishable by up to 20 years in prison. Each money laundering count is punishable by up to 10 years in prison. Trial is set for April 26, 2027. 

The Alleged Scheme

According to court documents, from approximately May 2023 through at least June 2025, the defendants operated the scheme through various entities they termed "unincorporated organized self-supporting humanitarian foundations." These included:

• Golden Bar Foundation

• R8511 Foundation

• New Life 314 Foundation

• True North Foundation

• Silver Bar Foundation

Boal and Richards targeted longtime friends, family members, and clients, soliciting investments under the false promise of risk-free, tax-free returns ranging from 24% to 100% within a matter of months. They misled investors into believing their capital would be safely held in attorney escrow accounts and used for legitimate ventures like bond trading and property flipping.

Misappropriation of Funds and Asset Forfeiture

Federal prosecutors allege that investor funds were never used for legitimate business activities. Instead, the defendants operated a classic Ponzi scheme, using money from new investors to pay back earlier ones and settle personal debts. The funds were also used for speculative high-risk ventures investments, not what was promised to investors. 

The remaining funds were allegedly diverted for personal enrichment. Law enforcement traced the stolen capital to several major purchases, which the government is now seeking to seize under a notice of asset forfeiture. These assets include the multiple luxury vehicles, residential real estate located in Burlington and West Burlington, and farmland in Henry County. 

Investigating Agencies

United States Attorney David C. Waterman of the Southern District of Iowa made the announcement. The Federal Bureau of Investigation, IRS Criminal Investigation, and the Iowa Insurance Division’s Fraud Bureau are investigating this case. This case is being prosecuted by Assistant United States Attorney Joseph H. Lubben.  

Note: An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.