The state has settled its lawsuit with a man Idaho officials say used women to help him defraud investors after he got out of prison three years ago.
Rick Guyon did not admit guilt but agreed to repay $2.2 million to investors and accepted a lifetime ban on selling securities in Idaho, the Idaho Department of Finance said Thursday.
Ada County District Judge Sam Hoagland approved the settlement, which was arranged before the case went to trial.
The story below was published April 17, 2017, under the headline, "Serial financial fraudster now brings his act to Idaho, state authorities allege."
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Michael A. Banks, Rick Garrison, Rick Thompson, Mark Thompson.
These are some of the known aliases used by Richard “Rick” Guyon, 58, who has engaged in a series of fraudulent money-raising schemes for the last 30 years, according to a lawsuit filed by the Idaho Department of Finance.
Most of them predate his time in this state.
Convicted of bank fraud in Massachusetts in 1991 and in Virginia in 1992, Guyon was sentenced to a little more than 3 years in federal prison.
He then befriended a female victim to gain access to her money. He stole savings bonds from her, forged signatures on them and cashed them. He forged checks from her accounts and stole money using her ATM card.
Guyon ultimately stole over $170,000 from that victim before he was arrested in 2002 in North Carolina and sentenced to another 14.5 years in federal prison, followed by 5 years of supervision.
About two years ago, Guyon reportedly brought his scheming to Idaho, according to the state.
He spent the end of his incarceration in a halfway house in Nampa. On May 29, 2015, Guyon was released from prison with five years of supervision. As a condition of his release, Guyon could not incur new credit charges or open additional lines of credit without the approval of his probation office.
“Since arriving in Idaho, this lothario has convinced at least two women, both of whom he dated, to assist him in defrauding several local investors of over $2 million,” states the civil complaint filed April 13 in state district court by the Idaho Department of Finance’s Securities Bureau. “He met them online while incarcerated, and shortly after he was released on supervision he moved in with one of them and began working with the other.”
The state said Guyon set up some of the business entities and financial arrangements necessary for his scheme to defraud while he was incarcerated. Others were set up soon after he was placed on supervised release.
Operating under the names Rick Thompson and Rick Garrison, he told these local investors he was managing a $12 million portfolio of family money, the complaint states. Although he was not seeking investment clients, he would do them a favor and invest their money for them. He told other investors he was managing a hedge fund.
Through these tactics, Guyon was able to get $2.2 million from local investors.
“Guyon spent investor money mostly on personal expenses, such as cash, travel, restaurant meals and automobile expenses without disclosing this use beforehand,” according to the state.
The lawsuit alleges Guyon violated state securities law by engaging in a scheme or artifice to defraud, making false and misleading statements, engaging in an unlawful conversion of investor funds, selling unregistered securities and failing to register.
It names Thompson Enterprises Holding Group, Thompson Enterprises and Thompson Capital Management as business entities Guyon reportedly operates under.
Other people who may have helped Guyon might be added to the lawsuit later, according to the state.
The state served Guyon with the lawsuit in Canyon County over the weekend. He is still under federal supervised release from his past conviction; it’s not clear yet if he’ll be accused of violating that release.
The state seeks an injunction from further violations, restitution to affected Idaho investors and other restrictions on Guyon’s future business practices.
Since Guyon is not legally authorized to offer or sell securities investments or to otherwise manage the money of Idaho investors, people who have given money to him, his entities or associates, or who have been approached by him are asked to contact the Department of Finance at (208) 332-8004 or Idaho toll-free at (888) 346-3378.