Litigation Release No. 25005 / January 8, 2021 Securities and Exchange Commission v. ConTXT, Inc, Thomas J. Robbins, Daniel J. Merriman, Mark W. Wiseman, and Clark J. Madsen, No. 2:21-cv-00013 (U.S. District Court, District of Utah) filed January 7, 2021. The Securities and Exchange Commission today announced settled charges against a Utah corporation, its principals, and two securities fraud recidivists for allegedly orchestrating two inter-related frauds resulting in approximately $11 million in investor losses. According to the SEC's complaint, Thomas J. Robbins and Daniel J. Merriman met while incarcerated for separate and unrelated securities fraud convictions. The complaint alleges that after they were released, Robbins and Merriman created a high-yield trading program, and that, beginning in 2016, Robbins and Merriman solicited investor funds through a series of representations, including: that the Church of Jesus Christ of Latter-day Saints was a client; that they had consistently generated large returns for prior investors; and that investors could expect to earn profits of at least 20% per month. The complaint alleges that none of these representations was true. The complaint further alleges that Robbins and Merriman misappropriated investor funds to pay purported profits to earlier investors and to pay personal expenses. According to the complaint, losses for the trading program totaled over $10 million.