A new lawsuit alleging prosecutorial misconduct by Utah AG Mark Shurtleff, who has been considering a Senate run, could present serious problems for Shurtleff. While the allegations are coming from a man convicted of securities fraud, documentation in the fraud case has Stephen Brockbank’s name all over them, going so far as to identify both Carol Love and Broadbank himself as the individuals most directly involved in the fraud.
The investigation by the Commodity Futures and Trading Commission (“CFTC”) discovered from October 1997 through September 2000, investors provided at least $2 million dollars to Brockbank for trading commodity futures contracts through Birma. The investors were told Brockbank would trade in commodities and the investors would receive a percentage of profits from the investments. Investors were told the investment in Birma had produced a 100% return per year for the past few years. The investment in Birma was described as passive and the only role of the investor was to supply capital for the investment. The investigation by the CFTC revealed Stephen Brockbank
and Carol Love opened commodity futures trading accounts in the name of Birma with at least three futures commission merchants. The CFTC discovered Brockbank and Love misappropriated investor funds by transferring the investors’ funds into accounts in which Brockbank and Love maintained sole financial interest and paid themselves management and incentive fees.
If it can be proven that Shurtleff had personal relationships with Love and Broadbank but failed to prosecute, while taking someone else down, he will have to come up with a very good excuse for why he didn’t prosecute the principles.
SALT LAKE CITY — A man convicted of securities fraud is suing Attorney General Mark Shurtleff. He claims Shurtleff didn’t prosecute others involved in the scheme due to personal relationships.
Donald Purser says Stephen Brockbank and Carol Love organized the operation, which involved soliciting $2 million from investors but never making good on promised returns.
Purser says Shurtleff didn’t go after the two alleged orchestrators, because of a personal friendship with Brockbank.