Ponzi scheme mansion sold in east Idaho

Ponzi scheme mansion sold in east Idaho

Ponzi scheme mansion sold in east Idaho

Print
Email
|

by Associated Press

KTVB.COM

Posted on December 15, 2013 at 3:34 PM

Updated Monday, Dec 16 at 9:30 AM

IDAHO FALLS -- A mansion built by an eastern Idaho man convicted on federal wire fraud and money laundering charges has been sold for a fraction of its value.

The Post Register reports that the home built with $6.9 million of defrauded investors' money sold late last month for $762,000.

Darin Palmer was convicted in 2011 for what prosecutors said was the largest Ponzi scheme in state history. Court records showed that Palmer's Trigon Group received about $75.8 million from 68 investors between 2002 and 2008, and lost more than $20 million of that money.

He was sentenced to eight years in federal prison.

The asking price for the 16,000-square-foot, six-bedroom home was $4 million. It has an indoor basketball court and a pool house.

Print
Email
|