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…