The Bank of Utah is being sued for its alleged knowledge in a $29 million Ponzi scheme conducted by a local investment adviser, Salt Lake City CBS-affiliate KUTV reported Wednesday.
Clients of Steve Swensen, a registered investment adviser who died last year, allege that the bank and some of its senior executives were suspicious of Swensen’s financial activity but neglected to file a suspicious activity report with the Financial Crimes Enforcement Network, as is required by law.
