The Securities and Exchange Commission has obtained an injunction against Jeffrey L. Mowen in connection with an $18 million Ponzi scheme carried out in Utah that netted him $8 million.

The U.S. District Court for Utah has ordered Mowen to pay $8 million plus nearly $2 million in interest payments and to cease violations of securities laws.

He pleaded guilty in May to criminal charges of wire fraud for operating a Ponzi scheme from October 2006 to October 2008, during which time he and his subordinates brought in more than $18 million in investments from more than 150 people spread across several states.

Mowen, who is described as a convicted felon and securities law recidivist by the SEC, used the money to support a lavish life style. Investors thought they were investing in a foreign currency trading program that involved the unregistered offer and sale of high-yield promissory notes. He acknowledged in his guilty plea the funds were not used for their intended purpose but instead were used for his personal benefit.

-Karen DeMasters