Monday, December 16, 2013

Idaho Man, Convicted in Ponzi Scheme, Loses $6.9M House for $762K

Posted By on Mon, Dec 16, 2013 at 9:19 AM

An Idaho Falls man, convicted of ripping off nearly $30 million from investors, has had his Eastern Idaho mansion, reportedly worth $6.9 million, sold at auction for $762,000.

In September 2011, 42-year-old Daren Palmer was sentenced to eight years in prison and ordered to pay $29,842,731 in restitution for bilking clients through his Triagon Group. Palmer ultimately admitted to soliciting clients in order to pay off other investors who were already in financial trouble. In a plea agreement, Palmer also acknowledged laundering money to make purchases of jewelry and his mansion.

Prosecutors said Palmer's illegal operation was the largest Ponzi scheme in Idaho history.

The asking price for Palmer's 16,000-square-foot, six-bedroom home—that also included an indoor basketball court and pool house—was $4 million.

But the Post Register reports that the home sold in November for $762,000.

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