A Belgium-born Utah businessman has been charged with allegedly masterminding a Ponzi scheme that swindled around $5 million from investors. Kenny Dirk Van Der Spek, known as Kenny Vanderspek, 35, from South Jordan, was facing serious federal charges as of March 12, with felony information following on Wednesday, according to the U.S. Department of Justice.

Van Der Spek, the owner and manager of K & K Strategies, LLC, a Utah-based company, allegedly deceived investors from December 2017 through December 2023, telling them that his company was a legally operating hedge fund and that he held the necessary licenses. However, the charges include that having not been licensed to sell securities, he misused at least $3 million of the investor's funds on personal luxuries such as real estate, a personal chef, and a 2002 Chevrolet Corvette, among other expenses.

The company purportedly offered a chance for the non-wealthy to invest and learn about stock trading. This ruse was strengthened by forged financial records and a supposed “live stream” of trades on the company's website, where investors were led to believe they could "watch [their] money grow," according to the charges. These allegations paint a picture of deliberate deceit, with the actual financial health of the investments shrouded in lies.

Van Der Spek now faces charges of securities fraud, wire fraud, and money laundering, with his initial court appearance scheduled for March 20, a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse receiving him, as detailed by the U.S. Department of Justice. The FBI Salt Lake City Field Office, IRS-CI Phoenix Field Office, and the Utah Division of Securities have collectively investigated the case.