Tuesday, April 16, 2013

Eagle Businessman Guilty on 17 Counts of Fraud in Tamarack Scheme

Posted By on Tue, Apr 16, 2013 at 9:50 AM

Michael Hutcheson in November 2010, announcing his plan to buy Tamarack.
  • George Prentice
  • Michael Hutcheson in November 2010, announcing his plan to buy Tamarack.

In November 2010, Michael Hutcheson of Eagle stood before the media, saying he had a plan to buy the Tamarack ski resort for $40 million. When Boise Weekly tried to ask him about the details of his plan, he said he wouldn't take any questions.

On Monday, a federal jury determined that there wasn't any question that Hutcheson was guilty of wire fraud and raiding retirement accounts to fuel his scheme to buy Tamarack. The jury deliberated about three hours before finding Hutcheson guilty of 17 counts of felony wire fraud.

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. The Associated Press reports that during the federal court trial, prosecutors showed how Hutcheson took nearly $5 million from two pension accounts.

Hutcheson faces up to 28 years in prison on each count. Sentencing is slated for Tuesday, July 23. He was released on his own recognizance.

Hutcheson didn't have any comment on Tuesday, either.

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