On July 31, 2025, the late wife of Stephen Swenson agreed to payback funds she received as part of her late husband’s scheme. She did this to settle SEC charges. Swenson, in the period from 2011 until 2022, raised over $29 million from more than 50 investors. Swenson used these funds to pay for personal expenses and for his mistresses.
The SEC alleged that since at least July 2011 until his death on June 6, 2022, Swensen made false statements to investors to induce them to invest in Crew Capital Group, LLC. The SEC filed these allegations in federal court in Salt Lake City. Swensen misrepresented risk and told investors. He represented that Crew Capital was a safe investment. He a guaranteed minimum of 5% annually depending on the performance of the S&P 500 index. Swenson stated that Crew Capital invested in various securities and that Crew Capital was one of the safest places to invest their money.
In fact, Crew Capital, a Utah LLC, stole the funds. It invested no money in securities. Once investors sent their funds to Crew Capital, Swensen pooled the funds in a bank account on which Swensen was the sole signatory. Swensen then used a portion of the money to make periodic payments of fictitious earnings to certain investors in a Ponzi-like fashion. But he used the bulk of the money for personal expenses. This included the living expenses of his family and his mistresses. Swensen also diverted investor funds from Crew Capital to other businesses that Swensen owned.
The SEC’s Denver office conducted the investigation into Swenson.
Jeffrey Pederson is an attorney representing and fighting for investors. This post is a public service to highlight securities fraud.
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