A federal grand jury in Des Moines returned a 16-count indictment in May 2026 charging Chad Michael Boal, 58, of Burlington, and Cory Duane Richards, 52, of West Burlington with offenses related to a Ponzi scheme involving dozens of victims and millions of dollars in losses, according to a July 17 announcement by the United States Attorney for the Southern District of Iowa.
The indictment alleges that Boal and Richards solicited investments from individuals by promising high returns with low risk. They operated their scheme through several business entities described as “unincorporated organized self-supporting humanitarian foundations,” including Golden Bar Foundation, F8511 Foundation, New Life 314 Foundation, True North Foundation, and Silver Bar Foundation. The indictment further alleges that investor funds were used for the personal benefit of Boal and Richards.
Boal and Richards made their initial court appearances in May 2026. Both are charged with conspiracy to commit wire fraud. In addition, Boal faces three counts of wire fraud and twelve counts of money laundering over $10,000. The charges carry potential penalties: up to twenty years in prison for each count of conspiracy to commit wire fraud or wire fraud; up to ten years for each money laundering count. Trial is scheduled for April 26, 2027.
United States Attorney David C. Waterman announced the charges. The Federal Bureau of Investigation, IRS Criminal Investigation Division, and the Iowa Insurance Division’s Fraud Bureau are conducting the investigation. Assistant United States Attorney Joseph H. Lubben is prosecuting the case.
An indictment is an allegation only; all defendants are presumed innocent until proven guilty beyond a reasonable doubt in court.
The U.S. Attorney for the Southern District of Iowa handles civil and criminal cases on behalf of the United States government across its district using facilities such as those at the Neal Smith Federal Building in Des Moines as well as courthouses in Davenport and Council Bluffs; it operates under the Department of Justice with twenty-four prosecutors supporting victims through its services unit, according to its official website.