Two Men Caught Defrauding Elderly in Ponzi-Like Scheme

In Missouri, RobertPalmer and Mark Driver have been indicted for allegedly defrauding elderlycustomers out of $3 million. The two face two felony counts of mail fraud andtwo counts of wire fraud. The two businessmen owned Princeton Partnership LLC, and hadsolicited investors to transfer their inheritance or savings over to Palmer and Driver, and the company would investthe money for their clients benefit.

However,the money was not invested for the clients benefit. Instead, the two usedthe 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 payold 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.