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DBSI principals convicted of fraud

A federal jury in Boise today returned guilty verdicts against four DBSI principals, Douglas L. Swenson, Mark Ellison, David D. Swenson, and Jeremy S. Swenson on multiple fraud charges, announced U.S. Attorney Wendy J. Olson. The jury convicted Douglas Swenson, 65, of Eagle, Idaho, on thirty-four counts of wire fraud and forty-four counts of securities fraud.

The jury convicted Ellison, 65, of Boise, David Swenson, 36, of Boise, and Jeremy Swenson, 41, of Meridian, on forty-four counts of securities fraud.

The jury returned not guilty verdicts on the thirty-four wire fraud counts against Ellison, David Swenson and Jeremy Swenson and on two conspiracy counts. During the forty-two day trial, the United States presented evidence that the defendants publicly represented that DBSI was a profitable company and had a net worth in excess of $105 million when they knew that DBSI’s real estate and non-real estate business activities were universally unprofitable.

 No sentencing date has been set.