Wednesday, December 26, 2012

Idaho Officials: Boise Fund Manager Duped Investors Out of $24 Million

Posted By on Wed, Dec 26, 2012 at 10:30 AM

The Idaho Department of Finance isn't taking much of a holiday break: Agency officials announced this morning that they are filing a civil complaint against Stephen Howell, formerly of Boise, and three of Howell's businesses—Security Financial Services, Security Financial Fund, and Security Investors Fund—for allegedly mismanaging nearly $24 million in investor funds.

Finance Department officials say Howell used his investors' money to finance a large pool of loans and mortgages, mostly in the Boise area, but "defrauded investors by making misrepresentations." Howell was accused of essentially treating the funds as "a personal asset" and used the money "as a means to enrich himself," according the Finance Department.

Howell is also accused of making numerous loans to himself and his family on favorable terms.

The department is asking that the court fine Howell and take control of all of his assets to recover his investors' lost money.

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