KPVI has reported on some of the victims of the Daren Palmer Ponzi Scheme.
Those victims allegedly include:
- Daryl Harris – invested $5,000,000.00
- David Taylor of Taylor Chevrolet – invested $4,000,000.00
- Paul Ramsey – invested $2,700,000.00
- Century 21 Real Estate Professional Kevin Taggart – invested $550,000.00
- David K. Swenson – invested $500,000.00
- Jack B. Larsen – invested $400,000.00
- Jay Butler (a neighbor) – invested $250,000.00
Larsen and Taggart appear to be the lucky ones, receiving the majority of their investments back before the SEC moved in. The others lost most or all of their investments. And this for sure is not the complete list. Daren Palmer has reportedly scammed nearly $40 million from an untold number of people. If you’d invested your retirement at the age of 55 with this man, you can imagine the devastation.
KPVI reported that Darryl Harris said, “Palmer made several excuses as to why he could not return my investment. These included that his funds were flagged under the Patriot Act, and that he had trouble accessing his overseas money.””
They also reported that when asked, Palmer declined to apologize to anyone.
KPVI’s news story can be found here:
Court Documents Reveal Some Victims of Daren Palmer Ponzi Scheme
(http://www.kpvi.com/global/story.asp?s=9950036)
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{ 41 comments… read them below or add one }
I refuse to feel bad for anyone who has 5,000,000 bucks to invest in ANYTHING. I can’t even fathom that much money.
They should throw the book at this clown though.
You on the redistribution of wealth bandwagon?
I does seem that anyone who could amass 5 mil would have to have enough sense to triple check any investments.
But you never know, I guess this Palmer guy could have started out with good intentions and went south…
I have to agree with Jeremy on this one. Anyone stupid enough to put all their “investment eggs” in one basket deserves to loose it in my opinion! Just like that other character in the news (can’t remember his name right off the bat) who pulled this same stunt. Dozens of people lost everything. Why the hell would they invest all of their money with one person or one investment deal? It just doesn’t make any sense.
I agree with you CR. That’s not what Jeremy said in his comment above though.
Considering the way our banks have all gone ta hell, where exactly are they suppose to safely invest their money? $100,000.00 is about all you can safely put in one bank account.
We’ve all seen what have happened to not just many banks, but to stocks, bonds and the billions of dollars people had invested in them.
By the way, when all those investments and businesses went busted, what happened to the money? It had to be somewhere, even if it changed hands many, many times. Where is the money?
Wendy, I think your bank accounts are now FDIC insured for $250,000. But, do the Feds have enough money to cover that amount for every person with money in the bank (assuming they have the max)? It’s scary business all around.
Wendyjo if you are worried about not having enough FDIC insurance just open another account. Nice to have that problem!
I have a hard time figuring how anyone with that kind of cash on hand ALREADY would invest in any get rich quick scheme. Especially large business owners who you would think would have a little more money sense. $5 million invested in a simple, safe account paying only 4 percent annually would yield two hundred thousand dollars per year income! Sorry but I have little sympathy for victims like that. If it was someone’s grandmother who was swindled out of her life savings that’s a different story. These guys all probably assumed they were in on something “special” for high rollers. It was special all right.
Like my dad always said, just because you go to church with someone, don’t assume you can trust them with your money – or your wife!
It’s called affinity fraud and Bernie Madoff pulled it off on a colosal scale by defrauding his fellow Jews. Utah and Idaho Mormons, it seems, are no less susceptible to those same affinity fraud scams perpetrated by members of their own faith.
The Security and Exchange Commission (SEC) has an office in Salt Lake City, the smallest city in the country with such a presence, yet it never has a slow day. Utah has the highest concentration of multi-level marketing schemes per capita than any other state in the union and is known in financial circles as the scam capital of the country.
A Ponzi scheme, similar to the one that hurt SE Idaho investors, was bilking Mormon faithful at about the same time in St. George, Utah when Val Southwick of VesCor defrauded investors to the tune of $50 million. His front man, William Hammons, a Mormon bishop, worked for commissions by soliciting wealthy Mormons into the scam in much the same way that Duane Yost was doing in the Palmer scam. Hammons pocketed around $9 million for his efforts.
The LDS Church has issued warnings to it’s parishioners about investing with reputable firms but these warnings have largely gone unheeded. Maybe an incident, like the Palmer episode, will be a wake-up call to area church members who believe that the thinking has been done for them when high ranking fellow church members solicit their money in the future. Or maybe not. These scams happen all too frequently to suggest that might happen.
I,m sorry for the people that losted their money,But the Palmer’s Helped my kids and I a lot. I’m a single father I don’t get child suport an I’m having a ruff time. The Palmer’s made sure we always had what we needed even if it was someone for to talk to.They were always there for me and my kids.They will always be my friends. I wish them well.
Rick I’m sorry you are having a rough time, but really take a look at those numbers, while they were helping you they were raping the *#$@ out of others. And their are even more people who have to start their lives over because of plamers greed!
Apparently theres been another ponzi scheme uncovered in this area. I read about it on one of the local news sites but now I can’t find it. Anyone have any information on this one?
try this link.
http://www.kidk.com/news/42453432.html
Iheard Daren Palmer was to be in court on the 23 has anyone heard anything?
I disagree with you Logicplus. I dont think it was the greed of the all of the palmers, just the perpetrator of it all. I feel terrible for all those friends and family involved. How devastated they must be.
Dear bloggers,
I believe you have misconcepted the true palmer story.
I am very good friends with the daughter of daren palmer, and their story differs.
Yes, he did take a lot of money from people in his religion, but no one can blame it on the mormon religion or the muslim religion…
back to the point.
The palmers are a GREAT family, and i’m sorry for their father who has lost his way, but that is no reason to come up with false persecutions.
Get your facts straight.
So…. you’re a teenager? Or in elementary school? Perhaps if you talked to the prosecutors in this case, and saw how much evidence they’ve collected, plus talked to all the victims, maybe you’d feel differently about “different stories”. Either way, you’re right, people throw religion into every discussion possible sometimes.
So how do his kids feel about him dating again so soon? Never mind, don’t answer that one…..
Some great family…
Palmer spends his days on the golf course with his new girlfriend while awaiting his fate, and his divorced wife, living in Washington, spends hers desperately trying to provide for 6 kids on a temporary fund of $2000 a month while going to nursing school to have a means of supporting them when the money goes away.
I feel real sorry for the former Mrs. Palmer, but it’s obvious that the Palmer family was far from being as swell as so many people thought they were.
Darren bred ‘em then forget ‘em. He’s nothing but a greedy slob who talked a slick line.
What’s amazing is how his new girlfriend would want anything to do with him. It seems like some women would rather be with a jerk than a decent man. She must not have much in the way of morals or self-esteem. I guess they deserve each other after all. While I feel sorry for the rest of his family too, there are a lot of people who work their tails off and don’t make $2000 a month. And don’t forget the people who lost a lot more money than that. The whole Palmer family reaped some of the fruits from what he did regardless of whether they knew what was going on.
For sure. Remember that the $2000 monthly won’t last forever- it will be gone before Mrs. Palmer graduates, probably.
I feel particularly sorry for the children. They all grew up getting whatever they wanted, and now they’re suddenly strapped for every spare dime. That’s hard for any child to understand. There will be a lot of lasting poison that comes from all this.
He must be an awesome slick talker and good liar is all I can say. Smarten up ladies. I wonder what a true mental evaluation of Palmer would turn up. Narcisstic personality perhaps?
Mr. Palmer does not have a new girlfriend. i know him personally and am in very good touch with him everyday. there is no evidence to cause me to believe he has a girlfriend.
i very much appreciate your sorrow for us.
he ended up not having to go to boise on the 23rd and i believe everything was taken care of over the phone.
i believe daren put off a different character than what he actually was in order for people to feel more trusting in him. i have spoken with many of his friends and neighbors and they all say that he was an inspiration to others and came off as a very honest, successful man. So his investors thought they were making a good investment, and ended up being sadly dissappointed.
to some, this much money is a normal yearly salary. to some it is not. so just because one’s lifestyle is different doesnt mean it is not right. it is actually quite sad that this family had such a drastic change so quickly in their lives. i cannot help but feel intense sadness on their behalf. if you knew the entire, true story, then i believe you would be able to show compassion for them.
remember that the palmers life changed drastically when they moved to washington.
imagine going from nordstrom to old navy.
there is an enormous difference and its very hard for them. its life changing to not have the things you once had, everything you thought was yours being taken away from you.
they lost so much, and the people who feed off of this critizism need to get a life.
you can point fingers but keep them away from the palmers wife and children.
they are some of the kindest people i know.
good lord.
so… you’re an adult?
act like one then.
your probably right, if i saw all the evidence i would be amazed, except i already know how much damage has been done to those people. they obviously trusted him too much.
but you’d probably change your mind when you knew the true story, not changed by lies people pull out their ass.
for example “how do his kids feel about him dating again so soon?”
cause you’re his daughter.
macey i presume?
good lord.
so… you’re an adult? or maybe mentally challenged?
Perhaps if you talked to the palmers family personally you would feel differently about your opinion. Either way, you’re right, a lot of peoples lives were changed by daren palmer, and not in a good way.
you know, its hard to believe sometimes what people say, just pulling crap out of their $#%.
for example “how do his kids feel about him dating again so soon?”
Wow…seriously people…dont talk about what you dont know. There is nothing on here but a bunch of gossipy people who have nothing good to say about anything. If you need an outlet for your negativity save it…what happened to the goldren rule? What happened to people not being involved in others business…notice that every single person that leaves a negative comment on here is anonymous or a psuedonym…at least man up and put your name on it…or SHUT UP!
What do you do “me”, cut and paste the same clueless post all over? At least have some originality here. So sad Palmer’s kids, or their young friends who are posting, have no clue (yet again) on Dad’s real life. As long as Palmer stays around town, people are going to notice he’s dating. AND talk about it, like it or not. Sorry kids if he’s keeping it from you. If he’s not dating, you may want to clue his girlfriend in on it. She’d be mighty surprised….
And before you say I don’t know what I’m talking about, how about the email oldest son wrote daddy telling him to piss off out of his life forever? I realize things have been talked through between them, but don’t assume we are all clueless here. Kids, sadly, are often the last to know what their parents are up to. If you don’t want to get hurt, stay off local blog sites because there is a community interest here and adults have the right to discuss his damage to others and the community as a whole.
im understand where you’re coming from, but i still must disagree comlpetely. i know there is community instrest, but why? its not your businees. it is a VERY personal tragedy that happened in our lives that we couldnt control. why must human nature cause people to be so nosy?
also, for your information i am positive i know alot more about whats going on in this crazy screwed up scheme than any of you do. So before you go posting lies please get your facts straight. you dont know the half of what’s going on. much of what you say is true, but it is also intermixed with many lies. i appreciate you all wanting to know the real story, but what does it matter? this isnt happening to you. also, these blogs dont hurt me, i have been hurt by much more than words in my past.
There are many more things going on in my individual family that you all dont know anything about so dont try to tell me i dont know about my dad’s real life.
and i would like to know for sure who this lady is you guys are talking about that my dad is “dating”. if he really is i would love to know this lady’s name.
Sweetheart, I have a better idea. Why don’t YOU talk to your mom and dad about your concerns? Better yet, show them this site and what you have written. Maybe you should do it first before someone (no, not me) emails the entire link to both of them. You can ask your dad who he’s been dating, how far back they go, etc. It’s not my business to post a name on here.
You will grow and learn to differentiate the difference between gossip and discussion about criminal activity in our city. The author of the article wrote about the relationship to a Ponzi scheme and began a discussion about the millions of dollars people lost, and the merits of the people who invested. It really isn’t a place for his children to post. Find a support group or a good counselor instead. Good luck.
whatever. i am not going to waste my time caring about a bunch of adults that have nothing better to do than talk to eachother about other people’s personal lives(not reffering to everyone that has participated in this blog). but let me say this. kids are alot more intelligent than you give us credit for and you need to take some time to listen to us every once in a while because sometimes we actually know what we’re talking about. just because you are an adult does not mean you know all. and i am not going to take advice from a person who comes here to make themself feel superior over others wrong doings. i have already seen a couselor and am doing very well thank you very much.
quick question though, and i ask this with the utmost respect- if it is not your business to go posting the name of the woman my dad is dating, how come it IS your business to go posting about all the other events in his present life? just curious
Wow, I see the Post Register has printed his entire life history on the front page today.
Did anyone notice that the Post register article was all about the upbringing of Palmer and had little or nothing to do with the investigation. I think the question that many are asking is why has Palmer not been charged criminally. As far as I can tell there are a number of significant laws that have been broken, but yet he is allowed to roam freely after he has defrauded many in the Valley with his scams. He is never going to be able to pay these people back, so what is the punishment to Palmer for doing such a horrible thing
I am sure he has millions in an off shore account like the Caymans. He is sure he will get off. Then he and his girlfriend will live forever with all the money they need.
The Post-Register probably doesn’t have any new info on the investigation. The SEC often takes a long time to criminally charge someone because it has to have solid evidence of criminal intent as opposed to extreme stupidity.
I doubt very much that Palmer has serious money stashed overseas. He was far to ostentatious with his local spending. The guys who run Ponzis for a long time don’t often pop $12 mil for a house in a community where high upscale is $1 million. They tend to avoid bringing that much attention to themselves, but they do spend at a high level. Palmer’s spending was over the top completely.
Here you go from the chatbox request:
Printed on: Wednesday, January 13, 2010
Source: Post Register
YOU ASKED FOR IT
Why isn’t Palmer in jail?
The question most frequently asked of the Post Register news staff could very well be “Why isn’t Daren Palmer in jail?”
Palmer, the Idaho Falls money manager whose investment portfolio collapsed more than a year ago, has been accused by two federal agencies of operating a Ponzi scheme that took in more than $68 million.
Bernie Madoff, whose Ponzi scheme became public just months before financial regulators started looking into Palmer’s dealings, has already been convicted of fraud and is serving essentially a life sentence for his misdeeds.
So why is Palmer free, reportedly still living in eastern Idaho, with no restrictions on his travel?
The short answer is that he hasn’t been charged with a crime. Cases brought against Palmer by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission allege he perpetrated a vast fraud, but they are civil lawsuits. Those agencies don’t have authority to charge Palmer with a crime.
Also remember that even if Palmer is charged with a crime, he, like any other criminal defendant, is presumed to be innocent.
In their civil suits, the SEC and CFTC need only demonstrate that Palmer is more likely to have defrauded investors than not. A criminal prosecutor would have to prove beyond a reasonable doubt that Palmer is guilty. That’s a much higher bar to clear and a possible reason for delays in bringing criminal charges against Palmer.
Even the civil cases against Palmer are moving slowly. Both the SEC and CFTC say Palmer has been uncooperative with their investigations and have asked U.S. District Judge Edward Lodge to rule in favor of them without the case going to trial. A trial, if it is necessary, wouldn’t take place until 2011.
The FBI said it is investigating Palmer and his company, Trigon. Beyond that, agents won’t say much of anything. The Post Register recently sent the FBI’s Salt Lake City office a list of questions regarding its investigation of Palmer. Agency representatives declined to answer any of them.
The FBI has good reason for its tight-lipped stance. The stakes in this type of criminal investigation are extremely high, as witnessed by Madoff’s 150-year prison sentence. Agents worry that releasing any information, no matter how trivial it seems, could jeopardize their investigation.
Another factor that could delay a decision on whether Palmer is charged with any crimes is the caseload already facing local agents. Once again, the FBI won’t say much, but it’s becoming increasingly clear through conversations with agents that they’re swamped. Believe it or not, Palmer isn’t the only person in eastern Idaho who merits FBI scrutiny.
Any criminal charges against Palmer would likely come in the form of a grand jury indictment, requested by the office of Jack Haycock, the U.S. attorney in Pocatello. The Post Register is in regular contact with Haycock, but so far he’s given no indication that criminal charges against Palmer are imminent.