|
|
|
E. Idaho investor pleads guilty in fraud case
Corporate Governance |
2011/06/01 08:58
|
A former eastern Idaho investor has pleaded guilty to felony wire fraud and money laundering as part of an agreement with federal prosecutors.
Daren Palmer, who appeared in U.S. District Court in Pocatello on Tuesday, remains on supervised release until his sentencing on Aug. 22.
Prosecutors say Palmer duped clients out of millions of dollars in a Ponzi scheme over the course of several years. Investigators accused him of using his company, Trigon Group, to fraudulently take more than $76 million from 68 separate investors.
State and federal officials called it a classic Ponzi scheme, in which money from new investors is used to pay off earlier investors. The scheme falls apart when clients start trying to pull their money out and there aren't enough new investors to provide funds.
In Idaho, federal prosecutors filed charges against Palmer last month after a two-year FBI investigation. The Securities and Exchange Commission and the Commodity Futures Trading Commission won civil lawsuits against Palmer, who was ordered to pay about $90 million in restitution and fines.
Palmer has cooperated with his prosecution and wanted to plead guilty as early as a year ago, said assistant U.S. Attorney Jack Haycock.
|
|
|
|
|
|
|
Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
Law Firm Directory
|
|
Legal News RSS Feed
