CEO of Idaho Investment Firm Sentenced for Wire Fraud
POCATELLO, Idaho (KLIX)-The chief executive officer for an eastern Idaho investment firm will spend five years in prions for wire fraud. U.S. Attorney Bart Davis announced 49-year-old David Hansen, of Idaho Falls, was sentenced June 19, after taking a plea agreement that will require him to repay his victims.
According to the U.S. Attorney Davis, Hansen was the CEO of Yellowstone Partners, LLC, which used a third party to collect fees from clients on their investments. Between 2008 and 2016 Hansen came up with a scheme to over bill client's investment accounts. Hansen then used the money for himself and Yellowstone Partners which for the identified victims resulted in a little more than $2.6 million.
“This significant sentence sends a strong message to any investment manager who might consider taking advantage of the trust their clients place in them,” said U.S. Attorney Davis in a prepared statement. “When an investment manager like Mr. Hansen steals from his clients, this office and our law enforcement partners will leave no stone unturned until justice is done and victims are repaid. I commend the FBI and IRS for their thorough investigation and tireless efforts in this case.”
Hansen is scheduled to be in court on June 26, for the restitution hearing for victims.