Pella, Iowa — A man who says he graduated from Dordt College in Sioux Center in 1992 is accused of defrauding several investors, some of them from our area, in a Ponzi-like scheme.
The US Attorney’s office says that Mark Alan Blankespoor of Pella was charged with twelve counts of mail fraud and twelve counts of wire fraud.
According to the indictment, Blankespoor was a health coach and consultant in Pella. He allegedly told others he was involved in developing medically-oriented gyms and licensed the program to fitness clinics across the United States. From at least May 2013 and continuing through at least January 2019, the US Attorney’s office alleges that Blankespoor told investors they had an opportunity to make money by investing in the medically-oriented gym concept. They say that at least 150 investors provided Blankespoor with approximately $15 million in investment funds. The indictment alleges Blankespoor used the investors’ money for unauthorized purposes that were not for the benefit of the affected investors. According to the US Attorney’s office, Blankespoor allegedly used the investor money, unbeknownst to them, for his personal expenses and paying other investors, amounting to losses to victims of over $6.5 million. Reports are that the approximately 15 northwest Iowa investors invested between $20,000 and $300,000, each.
A trial has been scheduled for June 3, 2019 in federal court in Des Moines. Mail and wire fraud are punishable by a maximum prison term of twenty years and a maximum fine of $250,000.
