Thursday, April 12, 2012

Michael Hutcheson Indicted on Charges of Stealing Funds to Buy Resort

Posted By on Thu, Apr 12, 2012 at 9:02 AM

An Eagle businessman who stood before the media 17 months ago, saying he had a plan to buy the Tamarack ski resort for $40 million, is facing a string of federal charges, including 17 counts of wire fraud. An attorney representing Matthew Hutcheson, a fund manager, said his client was not guilty and was simply investing other people's money. But federal prosecutors said Hutcheson stole funds to, among other things, purchase an interest in the Tamarack Resort's golf course, renovate his Eagle home and purchase personal vehicles.

Michael Hutcheson at Nov. 2010 press conference.


In November 2010, Hutcheson, as part of the Green Valley Holdings group, said that while he had no experience in running a resort, he was willing to "offer $40 million cash for Tamarack." At the hastily called press conference, Hutcheson refused to answer any questions. Hutcheson's self-imposed deadline of March 15, 2011, came and went with no deal.

Prosecutors allege that Hutcheson misappropriated approximately $3.2 million of his investors' funds to try to purchase Tamarack.

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