Judge orders DBSI president to testify under oath

Judge orders DBSI president to testify under oath

Credit: KTVB

Judge orders DBSI president to testify under oath

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by Associated Press

KTVB.COM

Posted on August 15, 2009 at 4:33 PM

Updated Wednesday, Oct 14 at 12:32 PM

BOISE - A federal judge is giving an investigator more time to scrutinze transactions and accounting records of DBSI Inc., the Idaho-based real estate company accused of defrauding hundreds of investors nationwide.

U.S. Bankruptcy Judge Peter J. Walsh on Tuesday also ordered DBSI president Douglas Swenson to answer under oath questions posed by the court-appointed investigator overseeing the accounting review.

DBSI, based in Meridian and incorporated in Delaware, has more than 8,000 investors across the country, many of whom have lost thousands of dollars in the company's collapse.

The company and about 180 of its associated companies filed for Chapter 11 bankruptcy last fall in U.S. District Court in Delaware.

The Idaho Department of Finance has also accused DBSI in state court of defrauding investors in a Ponzi scheme.

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Background:

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