Related Federal Cases
Utah Investment Scammers Charged in $140 Million Scheme
A federal grand jury has returned a 48-count indictment against Wayne LeMar Palmer, age 60, and Julieann Martin, age 47, both of West Jordan, with wire fraud, mail fraud, and money laundering in connection with an alleged investment fraud scheme that raised more than $140 million from more than 600 investors.
According to the indictment, Palmer established National Note of Utah (NNU) in December 1992, and Martin began working at NNU in 1993. Palmer owned and operated NNU and made all business decisions, including decisions regarding the use of investor funds. Martin functioned as a client relations manager, interacting with investors and gaining access to information about their investments.
The indictment alleges that NNU solicited and sold investments in the form of fixed-rate promissory notes at a rate of 12 percent per year. Palmer and Martin recruited and retained investors using fraudulent and misleading statements, claiming that the investments were safe and guaranteed, and that NNU was profitable and generating sufficient income to pay investors a 12 percent annual return.
However, the indictment alleges that Palmer and Martin did not disclose that new investor funds were being used to make payments to older investors and to pay NNU operating expenses, as well as Palmer’s personal expenses. They also failed to disclose that the vast majority of NNU investments were with affiliated entities controlled by Palmer, rather than arms-length investments with third parties.
Between 1995 and 2012, Palmer and Martin raised more than $140 million from more than 600 investors, many of whom lost all or part of their money invested in NNU. The indictment includes 14 counts of wire fraud, with Palmer charged in each count and Martin charged in 11.
Palmer and Martin’s scheme has left many investors with financial losses, and their indictment serves as a reminder of the importance of due diligence when investing in any opportunity. The case is a stark example of the devastating consequences of investment fraud and the need for vigilance in protecting our financial security.
Mandatory Facts: Wayne LeMar Palmer, 60, and Julieann Martin, 47, both of West Jordan, have been charged with wire fraud, mail fraud, and money laundering in connection with an alleged investment fraud scheme that raised more than $140 million from more than 600 investors. The indictment was returned on Wednesday, [month/day/year]. The defendants are currently awaiting trial.
Key Facts
- State: Utah
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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