SALT LAKE CITY (AP) - Two West Jordan residents accused of defrauding hundreds of investors have pleaded guilty to federal charges.
The Deseret News reports (https://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.
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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.
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Information from: Deseret News, https://www.deseretnews.com
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