Steve Down

Steve Down
Steve Down
Occupation Business
Organization Falls Event Center, Even Stevens, Financially Fit, Investors Dynamics Corporation, Wealth Heart Coroporation
Website SteveDown.com

Steve Down is a Utah-based entrepreneur and business owner. He is best known as the founder of The Falls Event Center.

Background

During the 1980s and 1990s, Down worked as a FINRA-registered employee at multiple firms, including North American Management, Inc., Richards Investments, and Intermountain Financial Services, Inc.[1] Down twice settled SEC charges of securities fraud with the second charge settled in 2018.[2] Even Stevens[3] has closed a number of stores, and The Falls Event Centers has filed for bankruptcy.[4] In September 2018 Down was under criminal investigation by the FBI for financial fraud activities.[5]

Investors Dynamics Corporation & The SEC

Down set up Investors Dynamics Corporation (IDC) in February 1992 and he ran it until January 23, 2001.[6] In 1996, Down and IDC were subject to litigation by the SEC regarding allegations of operating a multi-level marketing pyramid scheme from October 1994 through March 1996.[7][8][9] In 1998, final judgement was made and the defendants consented to court orders without confirming or denying allegations. The court ordered permanent injunction against Down and IDC and barred him from "association with any broker, broker-dealer, investment company, investment adviser or municipal securities dealer" for two years.[10] The court waived disgorgement and determined not to impose civil penalties based on the demonstrated inability of the defendants to pay.[11] An administrative proceeding was later filed following the final judgement.[9][10]

The Falls Event Center

Down founded The Falls Event Center in April 2011, which provides event spaces across for small events; the company purchased a portion of the Evergreen Aviation & Space Museum campus and assets out of bankruptcy in 2016.[12] In 2017 Down and The Falls Event Center were under SEC investigation and several of company's centers were in financial straits.[13][14][15][16][17][16][18] As of 2018 The Falls Event Center had locations in 5 states.[17][13]

The Wings & Waves Waterpark is an operating waterpark in McMinnville, Oregon, acquired as a portion of his purchase of Evergreen Aviation and Space Museum’s assets to use for his McMinnville Falls Event Center.[19]

Other ventures

In 1999, Down founded a financial coaching company under the name Wealth Heart Corporation, which was later changed to Financially Fit.[20]

Down opened the first Even Stevens restaurant in downtown Salt Lake City, Utah in 2014.[21][22]

CE Karma is a professional dental continuing education organization founded by Down that operates in 33 states.[23]

Storm Maker Media is media company that Steve Down owns in Salt Lake City, mainly for use in conjunction with Steve Down’s companies.[24]

The Wings & Waves Waterpark is an operating waterpark in McMinnville, Oregon, acquired as a portion of his purchase of Evergreen Aviation and Space Museum’s assets to use for his McMinnville Falls Event Center.[19]

References

  1. ↑ BrokerCheck by FINRA (2017) Steven Lane Down FINRA
  2. ↑ "The Falls Event Center, LLC and Steven L. Down (Release No. LR-24139; May 11, 2018)". www.sec.gov. Retrieved 2018-09-10.
  3. ↑ "Utah-based Even Stevens restaurants have suspended their 'buy a sandwich, give a sandwich' charity donations for 60 days while the company restructures". The Salt Lake Tribune. Retrieved 2018-09-14.
  4. ↑ "Falls Event Center files for bankruptcy". Retrieved 2018-09-10.
  5. ↑ "Air museum landlord crashes to earth amid fraud charges". OregonLive.com. Retrieved 2018-09-25.
  6. ↑ Utah Dvision of Corporations and Commercial Code (2017) INVESTORS DYNAMICS CORPORATION Utah.gov
  7. ↑ Associated Press (March 29, 1996) INVESTORS DYNAMICS TOLD IT MUST CEASE OPERATIONS Deseret Times.
  8. ↑ SEC (March 13, 1996). "SEC Litigation Release No. 14844: S.E.C. v. Investors Dynamics Corporation and Steven L. Down (USDC, UT, Docket No. 2:96CV 0220S)". Securities and Exchange Commission.
  9. 1 2 SEC (April 13, 1998). "Investment Advisors Act of 1940 release No. 1715 Administrative Proceeding". Securities and Exchange Commission.
  10. 1 2 SEC (July 22, 1998) SEC News Digest Issue 98-140 SEC.
  11. ↑ SEC (April 3, 1998). "SEC Litigation Release No. 15694: S.E.C. v. Investors Dynamics Corporation and Steven L. Down (USDC, UT, Docket No. 2:96CV 0220S)". Securities and Exchange Commission.
  12. ↑ Manning, Jeff (5 January 2018). Aviation museum landlord considers buying Del Smith mansion. The Oregonian.
  13. 1 2 Jeff Manning (July 23, 2017) Landlord of Oregon's Evergreen Aviation & Space Museum subject of SEC inquiry The Oregonian
  14. ↑ Nick Halter (September 15, 2017) Planned St. Paul Event Center Stalled; Owner faces SEC investigation Minneapolis/St. Paul Business Journal.
  15. ↑ Montesano, Nicole (December 7, 2017). Millegan and Peterson seek dismissal of Falls Event Center The News-Register
  16. 1 2 Womack, Graham (20 December 2017). Roseville begins tax foreclosure on The Falls Event Center: Center owes $9.3K in CFD fees and is late on $26K tax bill to Placer County. Roseville & Granite Bay Press Tribune.
  17. 1 2 Manning, Jeff (September 23, 2017) As SEC investigates, Down tightens connection to McMinnville museum The Oregonian.
  18. ↑ Lackmeyer, Steve (28 December 2017). Falls Event Center project in Bricktown on hold amid lawsuits, SEC inquiry The Oklahoman.
  19. 1 2 Luke Hammill (July 8, 2016) Buyer Emerges for Evergreen Aviation The Oregonian
  20. ↑ Jensen, Maren (5 February 2017). Person to Person Steve Down KUTV News.
  21. ↑ Scheffler, Ted (January 18, 2017). "Even Stevens, Trio Happenings, Farmers market" Salt Lake City Weekly
  22. ↑ Brittany Graham (January 17, 2017) Celebrating 1 million sandwiches donated with Even Stevens Fox 13 Salt Lake City
  23. ↑ Anderson, Mark (September 21, 2017) SEC investigates owner of event center with local sites The Sacramento Business Journal
  24. ↑ Storm Maker Media (2017) Stormmakermedia on Vimeo Vimeo.


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