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Wed April 11, 2012
Potential Tamarack Buyer Indicted On Federal Charges
An Eagle man, who tried to buy the bankrupt Tamarack Resort in Donnelly, was arrested today. Matthew Hutcheson faces 17 federal counts of wire fraud and 14 counts of theft from an employee pension plan.
Hutcheson made news two years ago with a bid to buy the Tamarack ski resort for $40 million. Now, Idaho’s U-S Attorney, Wendy Olson, says $3 million of that money came from a pension plan where he was a trustee.
Olson says another $2 million from a different pension plan went to pay for renovations to Hutcheson’s Eagle home, including a swimming pool, hot tub, and dog house.
Hutcheson is accused of using some of the money to buy two SUV’s, a BMW convertible, two motorcycles, and a John Deere tractor. When the clients of the pension plan asked about the money, Hutcheson allegedly said they were safely invested.
The indictment seeks more than $5 million. Each count of wire fraud carries a penalty of up to 20 years in prison. The charges of theft from an employee pension plan include a penalty of up to five years in prison.
Hutcheson was arrested by the FBI Tuesday morning, with help from the Ada County Sheriff’s Office. His first court appearance is set for Thursday.