Daren Palmer Ponzi Scheme Fraud Case Notes

Daren Palmer Fraud

Draen Palmer Ponzi Scheme Case

Daren Palmer Ponzi Scheme Fraud Case NotesBelow are details on yet another recent ponzi scheme to be uncovered. One positive aspect of this financial down turn and recent redemption requests is that it helps us weed out a good percentage of these individuals. If the markets were always moving up only a small percentage of them would ever be exposed.

Idaho Falls resident Daren L. Palmer has been charged with operating a $40 million Ponzi scheme through his unregistered company, Trigon Group, according to the Commodity Futures Trading Commission.

Palmer is being charged with solicitation fraud and misappropriation of pool funds after it was discovered he used client funds for personal expenses and failed to register with the CFTC as a commodity pool operator.

According to the complaint, Palmer allegedly bilked $40 million from investors since at least September 2000, by promising returns of 7 percent monthly and 20 percent annually. From that $40 million, he only placed $4.5 million in his trading accounts. source

Read about other fraud cases and general information on hedge fund regulations and compliance within our: Hedge Fund Regulation Corner | Compliance & Law Notes

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