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St. Louis Businessmen Guilty in Elderly Victim Fraud Scheme
St. Louis, MO – In a shocking case of elderly victim fraud, two local businessmen have pleaded guilty to defrauding numerous elderly victims out of approximately $3,000,000.
Robert Palmer and Mark Driver, who ran the insurance brokerage business Princeton Partnership, LLC, out of offices in the Hill area of St. Louis, pleaded guilty to two felony counts of mail fraud and two felony counts of wire fraud before United States District Judge Rodney Sippel on Thursday, September 11, 2014.
The indictment alleges that Palmer and Driver solicited Princeton customers with false promises that they would invest the customers’ funds in suitable investments, including real estate, stocks, and life insurance annuities. However, most or all of the funds transferred to Palmer, Driver, and Princeton by the numerous victims were used by Palmer and Driver for their own personal uses and the general operating expenses of Princeton.
Examples of those victims include a family who had received funds upon the death of their elderly aunt, an elderly individual and her family, two elderly sisters, and an elderly woman who transferred her funds, as well as control of her stock holdings to Princeton.
Most or all of the funds transferred to Palmer, Driver, and Princeton by the numerous victims were used by Palmer and Driver for their own personal uses and the general operating expenses of Princeton. Palmer and Driver also engaged in Ponzi-type transactions where they used some funds provided by new customers to pay old customers who falsely believed they were receiving the returns on their purported investments.
Palmer, of Kansas City, Missouri, and Driver, of St. Louis, Missouri, face a maximum penalty of 20 years in prison and/or fines up to $250,000 for each count of mail and wire fraud. Sentencings have been set for September 12, 2014.
This case was investigated by the authorities and serves as a stark reminder of the importance of protecting our most vulnerable citizens from financial exploitation.
Key Facts
- State: Missouri
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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