U.S. Department
of Justice
United States v. Thomas Madden and Jeremy Grabow, Case No. 4:25-cr-5
Case Summary:
A federal grand jury has charged Thomas Paul Madden and Jeremy Grabow with fraud and money laundering. Thomas Paul Madden, 66, of Washington City, Utah, is charged with four counts of wire fraud, one count of wire fraud conspiracy, and one count of money laundering conspiracy. Jeremy Tyler Grabow, 54, of Ladera Ranch, California, is charged with one count of wire fraud conspiracy and one count of money laundering conspiracy. The indictment alleges that Madden used his entity, Cascade IR, LLC, to defraud investors by making false representations and material omissions while, among other things, soliciting investments in penny stocks. This part of the scheme resulted in Madden receiving at least $23 million from at least 200 investors.
The indictment also alleges that Madden and Grabow used their entity, Savitar Systems LLC, to defraud investors by misrepresenting the company’s finances, operations, and partnerships. This part of the scheme resulting in Madden and Grabow receiving at least $2 million from at least 10 investors.
Upcoming Events:
April 17, 2025 Update:
Jeremy Grabow appeared in court today for his arraignment. He pled not guilty to the charges. Both Madden and Grabow are scheduled for trial on August 12, 2025.
A 10-day jury trial is set for August 12, 2025 at 9:00 a.m. in Room 2B of the courthouse located at 206 West Tabernacle Street, St. George, Utah 84470.
March 17, 2025 Update:
The court has rescheduled Madden’s trial for August 12, 2025 at 9:00 a.m. in Room 2B of the courthouse located at 206 West Tabernacle Street, St. George, Utah 84770.
February 27, 2025 Update:
Madden had a detention hearing in federal court. This was an appeal from the magistrate judge’s decision to detain Madden. The district judge ordered that Madden remain in jail pending trial.
February 26, 2025 Update:
The district court will hold a detention hearing on February 27, 2025 at 1:30 p.m. in Room 2B of the courthouse located at 206 West Tabernacle Street, St. George, Utah 84470.
February 10, 2025 Update:
Madden had a detention hearing in federal court. The judge ordered that Madden remain in jail pending trial.
February 6, 2025 Update:
Mr. Madden requested that the court reschedule the detention hearing. The detention hearing is now set for Monday, February 10, 2025 at 10:00 a.m. in Room 2B of the courthouse located at 206 West Tabernacle Street, St. George, Utah 84470.
February 4, 2025 Update:
On February 3, 2025, Madden was arraigned in federal court. He pleaded not guilty to the six counts in the indictment. He is currently in custody at Purgatory Correctional Facility in Washington County, Utah. His detention hearing is set for Thursday, February 6, 2025 at 10:00 a.m. in Room 2B of the courthouse located at 206 West Tabernacle Street, St. George, Utah 84470.
The indictment can be found here:
For restitution questions please read the two pdf documents listed below: