CFTC Wins $41M In Idaho Ponzi Scheme Suit

Law360, New York (October 5, 2010, 6:15 PM EDT) -- The U.S. Commodity Futures Trading Commission has secured a $41 million judgment against the founder of Trigon Group Inc., a commodity investment pool that regulators alleged was really a Ponzi scheme.

Judge Edward J. Lodge of the U.S. District Court for the District of Idaho issued summary judgment to the CFTC on Monday, ordering Trigon's Daren Palmer to pay a $20.6 million civil penalty and a $20.6 million disgorgement his ill-gotten gains, and enjoining him from participation in commodity futures markets.

It is unclear how much...
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Case Title

U.S. Securities and Exchange Commission v. Palmer et al


Case Number

4:09-cv-00075

Court

Idaho

Nature of Suit

Securities/Commodities

Judge

Edward J. Lodge

Date Filed

February 26, 2009

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