A federal grand jury in Des Moines returned a 16-count indictment in May 2026 charging two southeast Iowa men with offenses related to a Ponzi scheme that allegedly defrauded dozens of victims out of tens of millions of dollars, according to a press release from the U.S. Attorney’s Office for the Southern District of Iowa.
Chad Michael Boal of Burlington and Cory Duane Richards of West Burlington have each been charged with Conspiracy to Commit Wire Fraud. Boal faces additional 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 each carry a maximum sentence of up to 20 years in prison, while each money laundering count carries a maximum of up to 10 years. Trial is set for April 26, 2027.
According to court documents, from approximately May 2023 through at least June 2025, Boal and Richards operated the scheme through several entities they described as “unincorporated organized self-supporting humanitarian foundations,” including the Golden Bar Foundation, R8511 Foundation, New Life 314 Foundation, True North Foundation, and Silver Bar Foundation.
The defendants allegedly targeted longtime friends, family members, and clients, soliciting investments under the false promise of risk-free, tax-free returns ranging from 24 to 100 percent within a matter of months. Investors were misled into believing their money would be safely held in attorney escrow accounts and used for legitimate ventures such as bond trading and property flipping.
Federal prosecutors allege that investor funds were never used for legitimate business activities. Instead, the defendants allegedly operated a classic Ponzi scheme — using money from new investors to pay back earlier ones and settle personal debts — while also diverting funds into speculative high-risk ventures that were not what was promised to investors.
The remaining funds were allegedly used 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. Those assets include multiple luxury vehicles, residential real estate in Burlington and West Burlington, and farmland in Henry County.
The case was announced by United States Attorney David C. Waterman of the Southern District of Iowa and is being investigated by the Federal Bureau of Investigation, IRS Criminal Investigation, and the Iowa Insurance Division’s Fraud Bureau. The case is being prosecuted by Assistant United States Attorney Joseph H. Lubben.
