Posts tagged: Matthew Hutcheson
The Idaho man who once tried to take control of the cash-strapped Tamarack Resort has been ordered to spend more than 17 years in prison for raiding other people's pension funds to help finance the deal, the AP reports. The sentence was handed down today in federal court for Matthew Hutcheson, who starting in 2010 went public with his intentions to buy the struggling ski resort outside Donnelly, but the deal never materialized. In April, the Eagle man was convicted of 17 counts of wire fraud as part of a scheme to steal $5 million from pension funds he was trusted to oversee. He also was ordered to pay more than $5 million in restitution.
Federal prosecutors say he used some of the money to enrich himself and another portion to buy a stake in Tamarack's golf course. The judge ordered Hutcheson to begin serving his prison term immediately. You can read the U.S. Attorney's full announcement here about the case.
Wendy Olson, U.S. Attorney for Idaho, said, “Mr. Hutcheson placed his own personal interests and greed above the clients’ whose retirement interests he pledged to safeguard. This office will continue to take pension fraud very seriously and hold accountable those who seek personal gain from others’ hard work through fraud and deceit. I commend the federal law enforcement officers who conducted the thorough investigation and Assistant United States Attorney Ray Patricco for his outstanding prosecution of this case.”
Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi said, “He funded a life of luxury at the expense of hundreds of people who were just trying to save for retirement. This case is indicative of our close and continued partnership with fellow federal agencies to vigorously pursue those who abuse their positions of trust and commit crimes against employee benefit plan participants.” Click below for a full report from AP reporter John Miller, who reports that at the close of the sentencing hearing, Hutcheson was stripped of his necktie and tan suit jacket and led away in handcuffs.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — A federal jury has convicted a former Idaho retirement trustee on 17 counts of wire fraud for raiding those accounts in a scheme to buy Tamarack Resort. The jury deliberated for several hours Monday before finding Matthew Hutcheson of Eagle guilty on all counts. Hutcheson was working as an independent fiduciary when federal prosecutors say he took $5 million from two retirement funds he oversaw. Prosecutors argued that Hutcheson used some of that money to buy expensive vehicles and remodel his home and another portion to buy the mortgage on the resort's golf course. In closing statements, defense lawyers argued Hutcheson never meant to deceive and had investors' interests at heart. He faces up to 20 years in prison on each count. Sentencing is set for July 23.
Click below for a full report from AP reporter Hannah Furfaro.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — Jury selection is complete in a case where a retirement fund trustee is fighting federal prosecutors' claims he stole money from clients to help finance his failed bid to buy an Idaho ski resort. Matthew Hutcheson's trial in U.S. District Court in Boise began Wednesday and may last until April 19. He is accused of stealing $5 million to help buy Tamarack Resort, where President George W. Bush vacationed and where tennis great Andre Agassi tried building a luxury hotel. Hutcheson was indicted in 2012, on 31 federal counts. Prosecutors aim to convince a jury Hutcheson took retirees' money, to enrich himself and to buy financially-crippled Tamarack in Donnelly. Hutcheson, an independent fiduciary from Eagle, argues he acted in a “legal manner” in discharging duties as a retirement account trustee.
Click below for a full report from AP reporter John Miller.
Eagle businessman Matthew D. Hutcheson, who made a bid to buy failing Tamarack Resort, was arrested by the FBI today as a federal grand jury indicted him on 17 counts of wire fraud and 14 counts of theft from an employee pension benefit plan. The charges include that in 2010 and 2011, Hutcheson, 41, allegedly misappropriated millions in pension plan assets for his personal use, including to renovate his home, to purchase luxury cars, motorcycles, ATVs and a tractor, and to put up $3.2 million toward his bid to buy Tamarack. Wendy Olson, U.S. Attorney for Idaho, said, “We take allegations of pension fraud very seriously. I commend the federal law enforcement officers who conducted the deliberate and detailed investigation in this case.” You can read Olson's full announcement here, and the federal indictment here.