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SEC accuses Idaho businessman Daren Palmer and Trigon Group Inc. of $40M fraud

Federal regulators are accusing an Idaho businessman of conning at least $40 million from investors and using the money to make credit card payments, pay for snowmobiles and a mansion in Idaho Falls.

The Securities and Exchange Commission filed the lawsuit against Daren Palmer and Trigon Group Inc. on Thursday in U.S. District Court in Boise. The commission said in a statement that the court signed an order freezing his assets and appointing a receiver for the company.

Idaho’s Department of Finance has already issued a cease-and-desist order to the Idaho Falls investment firm, which is under investigation for what state and federal officials are calling a classic Ponzi scheme.

By JESSIE L. BONNER

Full Story: http://www.magicvalley.com/articles/2009/02/28/ap-state-id/d96k6cto3.txt

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