BOISE -- The former president and three executives of a failed Boise-area real estate company have been indicted by a federal grand jury on allegations that they took part in a scheme to dupe investors.
Assistant U.S. Attorney Wendy Olson announced the indictment Wednesday against 64-year-old Douglas L. Swenson, the founder of DBSI Inc.
Swenson and his colleagues are accused of conspiracy to commit securities fraud, wire fraud, mail fraud and interstate transportation of stolen property. Others named in the indictment include 64-year-old general counsel Mark Ellison, 35-year-old David D. Swenson and 40-year-old Jeremy S. Swenson.
Olson alleges they misled investors in 2007 and 2008 when DBSI invested in commercial property in Idaho and several other states.
The charges come after a four-year investigation.
Douglas Swenson's attorney says the government's allegations are misguided.