Tuesday, August 27, 2013
In Missouri, Robert Palmer and Mark Driver have been indicted for allegedly defrauding elderly customers out of $3 million. The two face two felony counts of mail fraud and two counts of wire fraud. The two businessmen owned Princeton Partnership LLC, and had solicited investors to transfer their inheritance or savings over to Palmer and Driver, and the company would invest the money for their clients benefit.
However, the money was not invested for the clients benefit. Instead, the two used the money for their own expenses and the business's operating costs. Additionally, Driver and Palmer ran a "Ponzi-style" scheme using new investor funds to pay old investors to make them think they were gaining investment returns.
See Two Missouri Businessmen Indicted for Defrauding Elderly Clients , Biz Journal, Aug. 21, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.