The Securities and Exchange Commission is suing a defunct Idaho investment firm contending that two company officers purposely overbilled clients.
The lawsuit filed in Idaho’s U.S. District Court on Monday names Yellowstone Partners LLC and former CEO David Henry Hansen. Another defendant, investment adviser Cameron G. High, was also named in the lawsuit but has already reached a settlement with the SEC.
The regulatory agency contends the defendants stole more than $11.8 million from more than 120 client accounts.
The Idaho Falls-based company once had satellite offices around the West catering to wealthy clients in Idaho, Wyoming and Utah, but it closed last year in the wake of investigations by both the FBI and the SEC.
Hansen’s attorney declined to comment, and an attorney for Yellowstone Partners LLC did not immediately return a phone call from The Associated Press.