The State of Idaho continues to investigate a man who is accused of being involved in a Ponzi Scheme, taking millions of dollars from his investors in Eastern Idaho. - Daren Palmer and Trigon Group In Ponzi Inquiry.

Update on Ponzi Scheme with Daren Palmer
Posted: Jan 26, 2009 06:08 PM

The State of Idaho continues to investigate a man who is accused of being involved in a Ponzi Scheme, taking millions of dollars from his investors in Eastern Idaho.

We contacted Daren Palmer and his attorneys today who both, once again had no comment.

According to the Idaho Department of Finance, their investigation involves around 50 to 60 million dollars that Palmer received from investors and that's money those investors are finding out is never coming back.

Marilyn Chastain, Securities Bureau Chief: "People are just saying that they have not been able to get money back that they were promised."

Marilyn Chastain is the Securities Bureau Chief for Idaho's Department of Finance and she said there has been a large number of complaints towards Daren Palmer of Idaho Falls. He ran a company called Trigon Group, Incorporated.

Chastain: "It sounds to us like they invested money with Mr. Palmer and his company to make a profit and that has not happened."

Chastain said they have a list of around 60 people who invested with Palmer so far with investments reaching 60 million dollars.

Chastain: "The general ways some of these are characterized make us think that Mr. Palmer should have been licensed as an investment advisor to be giving or recommending investments or actually offering to invest money for people."

Palmer is not registered with the states Department of Finance as an official investment advisor.

Chastain: "Because it wasn't a registered business and he wasn't registered with us, he wasn't on our radar as one of the folks that we regulate; so until we got some complaints we really didn't know that he was actually operating."

Chastain said they are still contacting the people and businesses who invested with Palmer and the numbers could grow as the investigation continues and she also offered a word of advice for future investors.

Chastain: "The higher the return, the greater the risk and that's just always true."

The Department of Finance is now contacting those 60 or more investors to confirm they gave Palmer money and how much.

That investigation could uncover more money and more people involved.

We have also talked to several people who know Palmer well and they are shocked to hear about the allegations.