Idaho securities regulators are investigating allegations that a money manager in the state operated a long-running Ponzi scheme that cost investors as much as $100 million.

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Idaho securities regulators are investigating allegations that a money manager in the state operated a long-running Ponzi scheme that cost investors as much as $100 million.

Marilyn Chastain, securities bureau chief for the state's Department of Finance, said a formal investigation of Daren Palmer of Idaho Falls has been opened following a meeting with about 30 investors there.

Mr. Palmer couldn't be reached for comment.

It was the latest of a number of cases, the most prominent of which focuses on New York's Bernard Madoff, that involve alleged Ponzi schemes in which money raised from new investors pays off earlier ...