Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY (AP) — Two West Jordan residents accused of defrauding hundreds of investors have pleaded guilty to federal charges.
The Deseret News reports (http://bit.ly/2mcaMqF ) that on Tuesday 61-year-old Wayne LeMar Palmer pleaded guilty to wire fraud and money laundering. Palmer's cousin and co-defendant, Julieann Palmer Martin, pleaded guilty to deliberately concealing knowledge of a felony.
Palmer and Martin worked at National Note of Utah, a firm Palmer founded in 1992. According to court documents, Palmer told more than 600 investors that their real estate investments were guaranteed.
He also claimed National Note was turning a profit. However, the company was instead bringing in new investors to pay off others, defrauding hundreds of people of $140 million.
___
Information from: Deseret News, http://www.deseretnews.com
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.