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Idaho Ponzi Scheme Shows Dark Side of Man Who Preyed on Family and Church Members

Daren Palmer, an Idaho man allegedly responsible for a $78 million Ponzi scheme, has agreed to plead guilty to charges of wire fraud and money laundering. His investment scheme reeled in family, friends, and fellow members of the Church of Latter Day Saints. Palmer operated the scheme through his company Trigon Group, taking in money from new investors and using it to pay off prior investors. Palmer also is said to have used the investment money for jewelry, private jets, and a house valued at $4 million. He built the dream house, which included an elevator, pool house, and basketball court, right across the street from the church he attended with his victims.

Palmer's victims lost millions in the scheme, including his own father. Wayne Klein, a court-appointed receiver, said "A lot of people who invested are active members of the L.D.S. church. They knew that Palmer was, and that gave them comfort." Trigon Group has been ordered to cease business, and a settlement with the SEC includes payments to victims. About $3 million in losses has now been repaid, and Klein said several million more in payments is expected, ideally.

If you have been the victim of a Ponzi scheme, Meyer Wilson may be able to help you recover your losses. We are experienced securities fraud attorneys who have represented Ponzi scheme victims all over the nation in stockbroker mediation, arbitration, and litigation cases. Give us a call today.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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