OpenCDA

April 15, 2014

DBSI Update: Guilty!

Filed under: Probable Cause — Tags: — Bill @ 6:41 am

DBSI

In its story headlined Jury:  DBSI officials guilty, but not of all charges, the Idaho Statesman is reporting that DBSI President Douglas Swenson was convicted by a federal district court jury of 78 counts of various frauds.

DBSI attorney Mark Ellison and two corporate officers were convicted on 44 counts of securities frauds.

This is a preliminary story; the Idaho Statesman will have more complete coverage in its Tuesday newspaper and online.

OpenCdA has several earlier posts derived from the Idaho Statesman’s reporting and other sources.

And still nothing timely from The Spokesman-Review or the Coeur d’Alene Press.

ADDENDUM on 04-15-2014 at 6:41 AM:  The hyperlink in the first sentence of this post was carried forward to the Idaho Statesman’s article on April 15, 2014.  Today’s Statesman story, headlined UPDATE:  DBSI official convicted of fraud,  provides additional details.  Of particular interest was this from today’s story:

Before its 2008 bankruptcy, DBSI managed 280 shopping centers, office buildings and other commercial buildings in Idaho and 33 other states. The holdings were worth $2.7 billion; many of them were owned by groups of investors to whom DBSI sold fractional shares.

With DBSI’s extensive involvement in 34 states including Idaho and with holdings worth about $2.7 billion, OpenCdA still wonders why this story received pathetically little coverage from Idaho’s other newspapers including the Hagadone News Network and The Spokesman-Review.

Read more here: http://www.idahostatesman.com/2014/04/14/3134466/jury-dbsi-officials-guilty-but.html?sp=/99/1687/&ihp=1#storylink=cpy

7 Comments

  1. In my personal opinion, “still nothing” is “timely” for them.

    Comment by up river — April 14, 2014 @ 4:02 pm

  2. up river,

    Good point.

    DBSI was a major fraud case which originated in and operated from Meridian, Idaho. It had victims in many states with losses in the millions of dollars. It is difficult for me to understand why neither the Press nor the Spokesman-Review would think it important enough to report to their readers in northern Idaho. Maybe the condition of the snow at Bogus Basin was more compelling…

    Comment by Bill — April 14, 2014 @ 4:14 pm

  3. Thanks for the update, Bill. I looked this morning and nothing. Pretty nice. It will be interesting to see what the defense does now with an appeal or not.

    Comment by Stebbijo — April 14, 2014 @ 5:23 pm

  4. I find the CDA Press more interested in creating a bigger divide in the Republican Party and reporting all the “family fights” than doing reporting on fraud, power abuse and investigative work.

    Comment by Sharon Culbreth — April 14, 2014 @ 5:51 pm

  5. I certainly agree with Sharon’s post. I am not a card carrying/registered Republican, and it seems obvious to me. To me it appears that the sole purpose of most of Selle’s “stories” is to divide the local Republican party. Also, it seems to me that a recent “story” by Patrick tried to effectively create two parties in one. With regard to Bill’s post regarding the importance of snow conditions at Bogus Basin, I cannot say how ‘exciting’ it was to learn about all the fish that were planted in and around Boise by the F&G. Just imagine how much more use Fernan Lake would receive if half that amount were planted in it.

    Comment by up river — April 14, 2014 @ 6:32 pm

  6. Well, maybe some of the investors do not want any attention? According to this article written in 2008, “Mangiantini says several investors are from the Treasure Valley and Coeur d’Alene.” DBSI responds to $2 billion lawsuit

    Comment by Stebbijo — April 15, 2014 @ 10:50 am

  7. Stebbijo,

    Good catch! Potential embarrassment or financial liability would still not justify the local skewsmedia from failing to report on a criminal matter with statewide scope (now acknowledged, including Coeur d’Alene). Then again, our local and regional skewsmedia seem to be more about protecting certain people while skewering others.

    Comment by Bill — April 15, 2014 @ 11:05 am

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