BOISE -- Four executives with the failed real estate company DBSI Inc. have pleaded not guilty to federal charges that they misled investors in a scheme to bilk them out of millions of dollars.
U.S. Attorney for the District of Idaho Wendy Olson said 64-year-old Mark Ellison and 35-year-old David Swenson of Boise and 40-year-old Jeremy Snow Swenson of Meridian pleaded not guilty Monday to multiple charges including wire fraud and conspiracy to commit securities fraud. Douglas Swenson, the founder and president of DBSI, pleaded not guilty late last month.
A federal grand jury indicted the men in April. Olson alleges they misled investors across the nation during the economic downturn in 2007 and 2008, partly by claiming the floundering company was worth $105 million.