Boise (670 KBOI News) – The Idaho Department of Finance is taking legal action against missing Boise businessman Rodney Allen, who’s accused of bilking about 70 investors out of an estimated $7 million.
Jim Burns with the Idaho Department of Finance says Allen took advantage of people who trusted him.
“By enticing them with a low-risk ionvestment where he would manage their money, he spent some of the money for his own personal benefit,” said Burns. “He didn’t bother to tell investors that he consistently lost money investing, as poopsed to make money investing, he prepared fake investor account statements, so everyone felt good about what they were doing.”
The suit asks a judge to make $4 million worth of Allen’s assets available to those who were allegedly defrauded as restitution, but being as losses were what the were, in the end those people are going to lose money.
Allen disappeared after his alleged fraud was revealed. His truck was found near the Snake River near Swan Falls, but he hasn’t been seen since.
