Steve Down

Last updated
Steve Down
Steve Down.jpg
Steve Down
Occupation Entrepreneur
Organization(s)Falls Event Center, Even Stevens, Financially Fit
Website SteveDown.com

Steve Down is a Utah-based entrepreneur and business owner. He is best known as the founder of Even Stevens sandwich shops, Investors Dynamic Corporation (IDC), and The Falls Event Center, a chain of event centers in five western US states. In the 1990s a court order closed IDC. [1] As of 2018 The Falls Events Centers were under investigation by the Securities and Exchange Commission [2] and investors have characterized the company as fraudulent in a 2018 lawsuit. [3]

Contents

Background

In 2018 his sandwich store Even Stevens [4] closed a number of stores, and The Falls Event Centers has filed for bankruptcy. [5] In September 2018 Down was under criminal investigation by the FBI for financial fraud activities. [6]

Investors Dynamics Corporation

In 1996, Down and his company Investors Dynamics Corporation (IDC) were subject to litigation by the SEC regarding allegations of operating a multi-level marketing pyramid scheme from October 1994 through March 1996 and promising "exaggerated returns". [1] [7] 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. [8] The court waived disgorgement and determined not to impose civil penalties based on the demonstrated inability of the defendants to pay. [9] An administrative proceeding was later filed following the final judgement. [7] [8]

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. [10] In 2017 Down and The Falls Event Center were under SEC investigation and several of company's centers were in financial straits. [2] [11] [12] [13] [14] [15] As of 2018 The Falls Event Center had locations in 5 states. [13] [2] In the 2018 lawsuit, investors into the Falls Event Centers allege Down promoted monthly returns approaching 35% and furthermore claim "Down constantly misrepresented the state of the centers and their potential." [3]

The Wings & Waves Waterpark is an operating waterpark in McMinnville, Oregon, acquired as a portion of the Falls Event Center purchase of Evergreen Aviation and Space Museum’s assets to use for his McMinnville Falls Event Center. [16] After the Falls Event Center succumb to investor lawsuits, bankruptcy, and criminal investigations, the Wings & Waves Waterpark was purchased out of bankruptcy by Oregon vintner, Bill Stoller. [17]

Other ventures

In 1999, Down founded a financial coaching company under the name Wealth Heart Corporation, which was later changed to Financially Fit. [18]

Down opened the first Even Stevens restaurant in downtown Salt Lake City, Utah in 2014. [19] [20]

CE Karma is a professional dental continuing education organization founded by Down that operates in 33 states. [21]

Related Research Articles

<span class="mw-page-title-main">McMinnville, Oregon</span> City in Oregon, United States

McMinnville is the county seat of and most populous city in Yamhill County, Oregon, United States. The city is named after McMinnville, Tennessee. As of the 2020 census, the city had a population of 34,319.

<span class="mw-page-title-main">Evergreen Aviation & Space Museum</span> Aerospace museum in McMinnville, Oregon, USA

The Evergreen Aviation & Space Museum is an independent, 501(c)(3) non-profit, aviation museum in McMinnville, Oregon. Its exhibits include the Hughes H-4 Hercules and more than fifty military and civilian aircraft, unmanned aerial vehicles (drones), and spacecraft. The museum complex includes four main buildings: the original aviation exhibit hall, a large screen digital theater, a second exhibit hall focused on space technology, and a water park.

<span class="mw-page-title-main">Linfield University</span> Private college in McMinnville, Oregon, United States

Linfield University is a private liberal arts college with campuses in McMinnville, and Portland, Oregon. Linfield Wildcats athletics participate in the NCAA Division III Northwest Conference. Linfield reported a total of 1,755 students after the fall 2022 census date. The institution officially changed its name from Linfield College to Linfield University, effective July 1, 2020.

<span class="mw-page-title-main">M. Russell Ballard</span> American businessman and religious leader (1928–2023)

Melvin Russell Ballard Jr. was an American businessman and religious leader who served as the Acting President of the Quorum of the Twelve Apostles of the Church of Jesus Christ of Latter-day Saints from 2018 until his death in 2023. He had been a member of the church's Quorum of the Twelve Apostles since 1985. As a member of the Quorum of the Twelve, Ballard was accepted by church members as a prophet, seer, and revelator. At the time of his death, he was the third most senior apostle in the church.

<span class="mw-page-title-main">Willamette Meteorite</span> Iron-nickel meteorite found in Oregon, U.S.

The Willamette Meteorite, officially named Willamette and originally known as Tomanowos by the Clackamas Chinook Native American tribe, is an iron-nickel meteorite found in the U.S. state of Oregon. It is the largest meteorite found in the United States and the sixth largest in the world. There was no impact crater at the discovery site; researchers believe the meteorite landed in what is now Canada or Montana, and was transported as a glacial erratic to the Willamette Valley during the Missoula Floods at the end of the last Ice Age. It has long been held sacred by indigenous peoples of the Willamette Valley, including the federally recognized Confederated Tribes of the Grand Ronde Community of Oregon (CTGRC).

Fred Meyer is an American chain of supercenter superstores founded in 1922 in Portland, Oregon, United States, by Fred G. Meyer. The stores are found in the northwest U.S., within the states of Oregon, Washington, Idaho, and Alaska. The company was acquired by Kroger in 1998, though the stores are still branded Fred Meyer. The chain was one of the first in the United States to promote one-stop shopping, eventually combining a complete grocery supermarket with a drugstore, bank, clothing, jewelry, home decor, home improvement, garden, electronics, restaurant, shoes, sporting goods, and toys. The Fred Meyer division is headquartered in Portland.

<span class="mw-page-title-main">Hillsboro Central/Southeast 3rd Avenue Transit Center</span> Light rail station in Hillsboro, US

Hillsboro Central/Southeast 3rd Avenue Transit Center, also known as Hillsboro Transit Center, is a light rail station and transit center on the MAX Blue Line in Hillsboro, Oregon. Opened in 1998, the red-brick station is the 19th stop westbound on the Westside MAX, one stop from the western terminus of the line. Physically the largest station on the line, it is located at a former stop of the Oregon Electric Railway and includes artwork honoring the history of the community.

<span class="mw-page-title-main">Oregon Route 18</span> Highway in Oregon, United States

Oregon Route 18 is a state highway that runs between the Oregon Coast, near Lincoln City, and Newberg. OR 18 traverses the Salmon River Highway No. 39 of the Oregon state highway system, named after the river alongside its westernmost segments.

<span class="mw-page-title-main">Evergreen International Airlines</span> Airline

Evergreen International Airlines was a charter and cargo airline based in McMinnville, Oregon, United States. Wholly owned by Evergreen International Aviation, it had longstanding ties to the Central Intelligence Agency (CIA). It operated contract freight services, offering charters and scheduled flights, as well as wet lease services. It operated services for the U.S. military and the United States Postal Service, as well as ad hoc charter flights. Its crew base was at John F. Kennedy International Airport, New York.

Evergreen International Aviation, Inc. was a global aviation services company based in McMinnville, Oregon, United States. Founded in 1960, Evergreen was primarily known publicly for commercial helicopter operations in agricultural and forestry applications.

<span class="mw-page-title-main">High Desert Museum</span> Regional museum in Oregon, USA

The High Desert Museum is located near Bend, Oregon, United States. Opened in 1982, it brings regional wildlife, culture, art and natural resources together to promote an understanding of natural and cultural heritage of North America's high desert country. The museum includes indoor and outdoor exhibits of wildlife in natural-like habitats along with traveling exhibits and living history demonstrations. The museum is accredited by the American Alliance of Museums. It is also a Smithsonian Affiliate institution.

<i>Ashland Daily Tidings</i>

The Ashland Daily Tidings was a afternoon newspaper serving the city of Ashland, Oregon, United States. It was owned and published by Edd Rountree from 1960-1985 when he retired and subsequently purchased by Medford-based Mail Tribune, which it continued to publish until announcing that paper would close on January 13, 2023.

West Coast Airlines was an airline linking small cities in the Pacific Northwest with larger cities in Washington, Oregon, Idaho, Utah, Montana, California and north to Alberta in Canada. It was headquartered in the Westlake area of Seattle, Washington.

<span class="mw-page-title-main">Me 262 Project</span> Warbird replica manufacturer

The Me 262 Project is a company formed to build flyable reproductions of the Messerschmitt Me 262, the world's first operational jet fighter. The project was started by the Texas Airplane Factory and administered by Classic Fighter Industries. It is based at Paine Field in Everett, Washington, United States, near Seattle. The project team of designers, engineers, and technicians completed the flight test program in 2012 and delivery of the first of five jets.

The Amalgamated Sugar Company is an American sugar beet-refining company run on a cooperative basis. It was founded in 1897 in Ogden, Utah, and is now located in Boise, Idaho. The company markets its sugar under the White Satin brand.

<span class="mw-page-title-main">Staryl C. Austin</span> United States Air Force general

Staryl Chester Austin, Jr. was a brigadier general in the United States Air Force. He was a P-47 pilot during World War II. He later joined the Oregon Air National Guard. Austin commanded the 142nd Fighter Group and was Assistant Adjutant General of Oregon. After leaving military service, he served as the director of the Oregon Department of Veterans' Affairs. He is a member of the Oregon Aviation Hall of Honor.

<span class="mw-page-title-main">LaVoy Finicum</span> American militia group spokesman (1961–2016)

Robert LaVoy Finicum was one of the American militants who staged an armed occupation of the Malheur National Wildlife Refuge in January 2016. After it began, the occupying force organized itself as the Citizens for Constitutional Freedom, of which Finicum was a spokesman. He was the only fatality of the occupation.

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.

<span class="mw-page-title-main">Delford M. Smith</span> American aviator and businessman

Delford Michael Smith, also known as Del Smith, was an American aviator and businessman from the state of Oregon. He was orphaned at birth and then adopted at a young age. Smith graduated from the University of Washington, and then served in the United States Air Force. Smith founded Evergreen Helicopters in 1960. This was the first of seven interrelated companies founded by Smith. All his companies were headquartered in McMinnville, Oregon. Later, Smith created the Evergreen Aviation and Space Museum in McMinnville, home of the Spruce Goose.

Robert William Deiz was a U.S. Army Air Force/U.S. Air Force officer, prominent combat fighter pilot, and Flight A leader with the 332nd Fighter Group's 99th Fighter Squadron, a component of the Tuskegee Airmen. He was one of the 1,007 documented Tuskegee Airmen Pilots.

References

  1. 1 2 "INVESTORS DYNAMICS TOLD IT MUST CEASE OPERATIONS - Deseret News". 2019-11-19. Archived from the original on 2019-11-19. Retrieved 2022-11-01.
  2. 1 2 3 Jeff Manning (July 23, 2017) Landlord of Oregon's Evergreen Aviation & Space Museum subject of SEC inquiry The Oregonian
  3. 1 2 Aubrey Wieber (May 11, 2018). Utah’s Falls Event Center expanded by lying to investors about its value and profitability, lawsuit states. Salt Lake Tribune, accessed 2020-02-11
  4. "Utah-based Even Stevens restaurants 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.
  5. "Falls Event Center files for bankruptcy" . Retrieved 2018-09-10.
  6. "Air museum landlord crashes to earth amid fraud charges". OregonLive.com. Retrieved 2018-09-25.
  7. 1 2 SEC (April 13, 1998). "Investment Advisors Act of 1940 release No. 1715 Administrative Proceeding". Securities and Exchange Commission.
  8. 1 2 SEC (July 22, 1998) SEC News Digest Issue 98-140 SEC.
  9. 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.
  10. Manning, Jeff (5 January 2018). Aviation museum landlord considers buying Del Smith mansion. The Oregonian.
  11. Nick Halter (September 15, 2017) Planned St. Paul Event Center Stalled; Owner faces SEC investigation Minneapolis/St. Paul Business Journal.
  12. Montesano, Nicole (December 7, 2017). Millegan and Peterson seek dismissal of Falls Event Center The News-Register
  13. 1 2 Manning, Jeff (September 23, 2017) As SEC investigates, Down tightens connection to McMinnville museum The Oregonian.
  14. 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.
  15. Lackmeyer, Steve (28 December 2017). Falls Event Center project in Bricktown on hold amid lawsuits, SEC inquiry The Oklahoman.
  16. Luke Hammill (July 8, 2016) Buyer Emerges for Evergreen Aviation The Oregonian
  17. Degerman, Eric. 2020. “Oregon Vintner Rescues McMinnville Museum and Water Park.” Herald, April 21, 2020. https://www.heraldnet.com/life/oregon-vintner-rescues-mcminnville-museum-and-water-park/.
  18. Jensen, Maren (5 February 2017). Person to Person Steve Down KUTV News.
  19. Scheffler, Ted (January 18, 2017). "Even Stevens, Trio Happenings, Farmers market" Salt Lake City Weekly
  20. Brittany Graham (January 17, 2017) Celebrating 1 million sandwiches donated with Even Stevens Fox 13 Salt Lake City
  21. Anderson, Mark (September 21, 2017) SEC investigates owner of event center with local sites The Sacramento Business Journal