On Monday, Mark Ellison, 64, and David Swenson, 35, both of Boise, Idaho, and founders of DBSI; and Jeremy Swenson, 40, of Meridian, Idaho, appeared in United States District Court in Boise, and entered not guilty pleas on charges of conspiracy to commit securities fraud, wire fraud, mail fraud, and interstate transportation of stolen property -- all from their involvement in the DBSI Group.
According to U.S. Attorney Wendy Olson, DBSI was founded in 1979 and headquartered in Meridian, Idaho. DBSI was a conglomerate of real estate and non-real estate companies, including DBSI Housing and DBSI Securities.
“The indictment alleges the defendants knew and believed that, contrary to the disclosures made to investors and their own DBSI employees involved with the marketing and selling of DBSI investments, DBSI’s real estate and non-real estate business activities were “universally unprofitable;” DBSI’s much-touted Master Lease investment product was losing approximately $3 million dollars a month; and DBSI was relying on new investor funds, including investor money that DBSI represented would only be used in particular circumstances, to continue operations and pay returns to other DBSI investors,” Olson said.
The conspiracy allegedly continued until DBSI filed for bankruptcy in November, 2008. The defendants are charged with 44 counts of securities fraud, 34 counts of wire fraud, six counts of interstate transportation of stolen property taken by fraud, two counts of bank fraud, and conspiracy to commit money laundering.
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