On March 25, a complaint in Ada County District Court named four companies and three individuals who sold investments to more than 40 Idaho residents worth about $5 million.
Named in the suit are Jamison Potter, Adam Bentley, Christopher Driscoll, North American Capital Trust LLC; North American Capital Group, LLC; Pacific Partners, LLC; and Silverstone Equity Group, LLC.
Defendants allegedly raised more than $5 million and offered monthly rates of return of 10 percent, with the proceeds being forwarded to other out-of-state enterprises. The defendants operated or were otherwise located in Nampa and Eagle.
The state’s is seeking to halt what is believed to be violations of the registration and anti-fraud provisions of the Idaho Securities Act. The lawsuit alleges the defendants misrepresented to investors that the investment proceeds would be used to purchase insurance or life settlement policies. The scheme purportedly allowed investors the opportunity to review the insurance policies for acceptable terms prior to purchase. After investor approval, the insurance company would provide investors with a beneficiary registration form and finally the investors would receive legal right of ownership evidenced by a financial guarantee or death benefit.
The complaint alleges that the defendants never purchased life insurance policies and instead forwarded the investment funds to out-of-state promoters, who in turn sent the money to Panama. The Idaho Department of Finance seeks a court order permanently enjoining the defendants from further violations of the Idaho Securities Act, and seeks to place restrictions on future business activities.
