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SMALL BUSINESS
DBSI chief condemns Idaho investigator's report
AP
BOISE, Idaho -The president of DBSI Inc., the Boise-area real estate company seeking bankruptcy protection, says he will vigorously defend himself against a state lawsuit alleging investor fraud.
Douglas Swenson and his attorneys also criticized a final report prepared by court-appointed investigator that accused Swenson of misleading investors, saying the report was riddled with errors.
DBSI filed for bankruptcy protection last November for about 180 of its nearly 800 associated companies.
After the state of Idaho filed a lawsuit against DBSI, a bankruptcy judge ordered Joshua Hochberg to investigate more than $2 billion in DBSI transactions.
In the report issued last week, Hochberg concluded that Swenson used funds raised by new investors to pay off existing investors to create a misleading financial picture of the company.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 15:42:46
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