Two Iowa men indicted on federal charges related to a multi-million dollar Ponzi scheme

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.

As alleged in the Indictment, Chad Michael Boal, 58, of Burlington, and Cory Duane Richards, 52, of West Burlington, solicited investments under the promise of high returns and low risk.

Boal and Richards operated their scheme through various business entities they termed as “unincorporated organized self-supporting humanitarian foundations,” operating within the Southern District of Iowa, including:

• Golden Bar Foundation,
• F8511 Foundation,
• New Life 314 Foundation,
• True North Foundation, and
• Silver Bar Foundation.

The Indictment alleges that Boal and Richards used investor funds for their own personal use and benefit.

Boal and Richards made their initial court appearances in May 2026. They are both charged with conspiracy to commit wire fraud, and Boal is additionally charged with three counts of wire fraud and 12 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.

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.