ST. LOUIS (KMOV.com) -- Robert Palmer, of Kansas City, and Mark Driver, St. Louis, were sentenced Tuesday for defrauding numerous elderly victims of approximately $3 million between 2004 and 2010.
Princeton Partnership, LLC, an insurance brokerage in which Palmer and Driver ran the day-to-day operations, was involved in the sale of life insurance prodcucts.
According to court documents, Palmer and Driver solicited customers, marketed the company's services, and had financial oversight of the company with authorization over the company's two operating bank accounts. Palmer and Driver solicited customers with false promises that they would invest the customers' funds in suitable investments, including but not limited to, real estate, stocks, and life insurance annuities.
Most or all of the funds transferred to Palmer, Driver and Princeton by the numerous victims were used by Palmer and Driver for their own personal uses and the general operating expenses of Princeton. Palmer and Driver also engaged in Ponzi-type transactions where they used some funds provided by new customers to pay old customers who falsely believed they were receiving returns on their investments.
Palmer and Driver pled guilty in June to two felony counts of mail fraud and two felony counts of wire fraud.