ST. LOUIS, MO. (KTVI) – Two local businessmen have been indicted on federal fraud charges, for bilking residents on the “Hill” in south St. Louis, of money intended to be invested into Princeton Partnership, LLC. Princeton Partnership, LLC was a insurance brokerage company that purportedly sold life insurance products.
Federal authorities allege that Robert Palmer, 45-years-old of Kansas City, Mo. and Mark Driver, 50-year-old, of St. Louis defrauded nearly $3,000,000 from St. Louisans, from July 2004 to February 2010. Authorities say the two men bilked families of inheritances an savings by promising to invest the customers’ funds in suitable investments including but not limited to real estate, stocks, and life insurance annuities.
In reality, both men used the funds for their person gain and funding their brokerage firm.
If convicted, each count of mail and wire fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000.