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UH's Chow loses money in bad Utah investment

By Star-Advertiser staff

POSTED:
LAST UPDATED: 02:04 p.m. HST, Aug 01, 2013

<br />2013 February 6 SPT - UH Football Signing Day - UH football coach Norm Chow held a press conference to talk about the football players that have signed to join the UH Warrior football team. HSA photo by Bruce Asato<br />

University of Hawaii football coach Norm Chow and a son, Carter, were reportedly among 18 victims of a multi-million dollar financial scam in Utah for which two men have pleaded guilty, according to published reports in Salt Lake City.

The Salt Lake Tribune and Deseret News reported that Chow was the largest investor with $500,000 and his son, Carter, a Los Angeles attorney and agent, invested $400,000.

News reports said Michael Kay Smith and Quintin Fullmer Smith each pleaded guilty in state district court Monday to two counts of third-degree felony attempted securities fraud as part of a plea deal. They face up to 10 years in prison when they are sentenced next month. Michael Smith can have his felony counts reduced to misdemeanors if he completes probation and pays full restitution of almost $1.3 million, the Deseret News reported.

Citing court documents, the Deseret News said the two Smiths ran Newport Financial Services and allegedly guaranteed investors an 18 percent return on their investment by purchasing contracts of furniture store customers who could not qualify for traditional financing. They are said to have attracted at least $1.8 million in investments beginning in 2005.

The pair are alleged to have told people they had invested $1 million of their own money, which investigators said was a lie.

The Desert News said the state charged that six of the investors received little or no return. The documents did not indicate whether the Chows received any return. The Tribune said at least five of the investors did not receive their promised payments and lost at least $911,000 in the deal, the documents state.

Norm Chows earns $550,000 a year as UH head football coach. Chow was an assistant coach at Brigham Young University and the University of Utah.

The Chows were not immediately available for comment.





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Chow, son victims of scam




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allie wrote:
Not sure that this is our business reaLLY....but yes, there is a ton of scams out there so be careful.
on August 1,2013 | 01:58PM
kk808 wrote:
Agree.
on August 1,2013 | 02:19PM
GooglyMoogly wrote:
For once, I agree with allie.
on August 1,2013 | 04:22PM
LKK56 wrote:
The son is an attorney, the father a coach, if it happen to them, it can happen to anybody.
on August 1,2013 | 02:13PM
saywhatyouthink wrote:
oh I doubt that!
on August 1,2013 | 05:15PM
fiveo wrote:
Words for the wise: "iIf it sounds too good to be true, it is. There's a sucker born every day. Never give a sucker an even break.
on August 1,2013 | 02:21PM
kahuku01 wrote:
Another one of those pyramid scheme....too good to be true....eventually, the pyramid runs out of supporters to support the early starters who invested from the start, and kapoot...the pyramid crumbles...and the culprits get caught.
on August 1,2013 | 08:03PM
Bully wrote:
Greed can cloud the judgment of good men.
on August 1,2013 | 02:33PM
kahuku01 wrote:
Bully: Absolutely! Who in their right mind would imagine of getting 18 percent. Than it depends, whether it was 18 percent a week, month or year? Who knows, 13 years of investment surly is a lot of money, especially if it was done in cash. No comments from the Chow's is expected, especially in this type of investment.
on August 1,2013 | 03:03PM
kahuku01 wrote:
Sorry, I meant 8 years instead of 13.
on August 1,2013 | 03:05PM
HD36 wrote:
You gotta figure, that people who bought furniture with bad credit, probably bought a house with bad credit. Goldman Sachs did the same thing with subprime mortgages and offered a high interest rate with a AAA rating. The deriviteves market is over $600 trillion dollars. God help America when it pops.
on August 1,2013 | 03:07PM
Roosevelt wrote:
Should have invested in the Stevie Wonder concert
on August 1,2013 | 04:28PM
saywhatyouthink wrote:
not too bright, if it sounds too good to be true, it probably is. bad judgement.
on August 1,2013 | 05:15PM
Venus1 wrote:
Sounds Romney!!
on August 1,2013 | 06:25PM
AlohaKakou wrote:
?
on August 1,2013 | 06:31PM
magnod wrote:
So NC knows how fans with season tickets felt last year.
on August 1,2013 | 06:45PM
inverse wrote:
Faked out in losing his own money by a con man. Hope Chow is not ao gullible when opposing teams show formations that were meant to fake out Chow and his coaching staff.
on August 1,2013 | 11:43PM
BigIsland_Hank wrote:
What's up with our UH Ohana? First Stevie Wonder....and now 18% guarantee (and we BELIEVE). Unbelievable.
on August 2,2013 | 12:10AM
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