Available Soon: Request your printed copies of the Idaho Freedom Index mailed to you!
Request Your Copies
Note to Dustin: This is currently only visible to logged in users for testing.
Click Me!
video could not be found

Finance department suing four men for $2.1 million in alleged bad sales

Finance department suing four men for $2.1 million in alleged bad sales

Idaho Freedom Foundation staff
July 21, 2010

The Idaho Department of Finance is suing four men for a pyramid investment scheme that includes $2.18 million in unregistered promissory notes to Idaho investors.  The men are accused of using misrepresenting the investments as risk free and using those funds to pay back earlier investments.

“Their actions are characterized consistently as an illegal securities pyramid scheme,” said Jim Burns, the investigations chief of the finance department’s securities bureau.  “One of our allegations is they failed to tell new investors that their money was being used to pay back old investors, which in a classic context is symptomatic of a Ponzi (scheme).”

Three of the four men, Brock Bruegeman, Brian Birch and Brandon Johnson, worked in or near Idaho Falls, while the fourth man in the complaint, Sonny Jensen, worked out of Utah.  The men are also accused of not telling investors of their connection with Rick Koerber, a Utah man facing a criminal indictment alleging $100 million in investment fraud.

The Department of Finance wants the four men to repay their investors and put restrictions on their future business activities in the state.  The lawsuit was filed in Bonneville County District Court on July 6. Burns said that the men have 20 days from that date to respond to the lawsuit.

Read the full complaint at the Department of Finance’s website.

Idaho Freedom Foundation
802 W. Bannock Street, Suite 405, Boise, Idaho 83702
p 208.258.2280 | e [email protected]
COPYRIGHT © 2024 Idaho freedom Foundation
magnifiercrossmenucross-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram