Washington state: Vancouver man ran Ponzi scheme

VANCOUVER, Wash. (AP) — A Washington state agency has filed administrative charges against a Vancouver man accused of violating the state Securities Act by using funds from a pooled investment vehicle to make Ponzi payments to investors, among other violations. The Columbian reports the Washington Department of Financial Institutions Securities Division entered the statement of charges in mid-December against Charles Richard Burgess. His attorney Todd Maybrown declined to comment. According to the statement of charges, between 2013 and 2021, Burgess offered and sold about $6.3 million of investments in the pool to 40 investors. The department says the offering has never been registered with the state, and Burgess is not a registered investment adviser.