Report says Utah man hid $51 million from FTC

SALT LAKE CITY (AP) - A court-appointed receiver says a Utah businessman used a string of shell companies to conceal more than $51 million in assets from federal regulators investigating his internet-based business operations.

In a January report filed in federal court in Las Vegas, receiver Rob Evans & Associates says a records search found Jeremy Johnson formed 39 new business entities after the Federal Trade Commission launched its investigation in February 2010. The companies were formed under other people's names, but held Johnson's assets.

The FTC filed a civil lawsuit against Johnson and nine associates in December 2010.

FTC attorneys say Johnson's online company iWorks bilked consumers of some $350 million by charging unauthorized amounts on their credit or debit cards.

The St. George entrepreneur and philanthropist has denied the allegations.

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