Saturday, April 28, 2012

Indicted Tamarack Investor, Custodian Ordered to Back Away From Resort

Posted By on Sat, Apr 28, 2012 at 12:49 PM

An indicted Eagle money manager, accused of bilking investors as part of a $40 million scheme to buy Tamarack Resort, has had the terms of his freedom curtailed by a federal judge. In Friday's hearing at the U.S. District Courthouse in Boise, U.S. Magistrate Judge Candy Dale ordered Michael Hutcheson and his associates not to solicit investors pending his trial.

Hutcheson is accused of taking $5 million from his clients' retirement funds to leverage a $3.2 million loan to purchase the Tamarack golf course. He's also accused of using some of the funds to remodel his home. Hutcheson's attorneys argue that their client should be able to market the loan in order to recover funds for the retirement accounts but Dale disagreed.

On April 19, shortly following a 31-count indictment, Hutcheson's father-in-law, Brad Mason, showed up at the Valley County resort to show off Tamarack to potential investors.

Dale said that Mason could remain as Hutcheson's custodians but was warned not to violate Hutcheson's release conditions.

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