A Utah entrepreneur accused of running a Ponzi scheme to expand a U.S. network of luxury event-rental venues was ordered to surrender a chunk of the proceeds from the sale of his $2.4 million home while jilted investors pursue their legal claims against him, Bloomberg News reported. U.S. District Judge Tena Campbell in Salt Lake City issued a so-called writ of attachment to $845,000 from the sale of the property owned by Noah Corp. founder William "Bil" Bowser in the ski-resort town of Park City. Noah and Bowser are among those sued by retirees who invested millions of dollars in one proposed rental facility that was never built. The ruling is the latest in a dispute that pits hundreds of investors against Bowser, his family and Noah, which filed for chapter 11 bankruptcy protection in May. The plaintiffs claim he used money from new investors to pay off earlier ones, while soliciting wealthy retirees keen to avoid taxes and generate income from luxury venues rented out for weddings and corporate events.
