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.