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more money as a condition of his release.
Federal investigators, however, concluded the hedge fund never committed the money to Hutcheson and quit negotiating with Hutcheson in January, according to court documents.
in a 31 count indictment issued Tuesday by a federal grand jury.
"Obviously we've got a lot of litigation in front of us and a lot to do to demonstrate the government is inaccurate and wrong," said Hutcheson's attorney Dennis Charney after Thursday's hearing. "This is really a question of whether Matthew's actions were illegal. We don't think that they were."
BOISE, Idaho (AP) A pension fund trustee charged with diverting more than $5 million from retirement Cheap Nike Shoes For Girls accounts to help finance his failed bid to buy Tamarack Resort in central Idaho pleaded not guilty Thursday to multiple counts of wire fraud and theft. District Magistrate Judge Candy Dale agreed to release him into the supervision of his father in law, Brad Mason, and conditions he comply with electronic monitoring.
Dale also ordered Hutcheson to disclose all pension and retirement accounts he still maintains control or access and barred him from soliciting any new funds from potential investors in Tamarack.
Hutcheson and his company, Green Valley Holdings, LLC, made a $40 million bid to buy the resort, which at the time was locked in a federal bankruptcy court after initial investors defaulted on a $250 million loan at the height of Idaho's economic downturn. The resort is currently going through foreclosure in a state court.
Hutcheson and his wife, Annette, reached a settlement Thursday to stay in their 5,000 square foot home, for now circumventing eviction efforts launched by the couple that bought the home in a foreclosure sale in February.
The indictment and Hutcheson's arrest at his Eagle home Wednesday followed an exhaustive investigation into his efforts to rescue the cash strapped and struggling central Idaho getaway. In November 2010, Hutcheson burst on the scene to announce he was forming a company to buy the resort and a team of strategists dedicated to revive the resort located in the central Idaho mountains 90 miles north of Boise.
be Tamarack buyer pleads not guilty to charges
The indictment alleges Hutcheson diverted $2.1 million in G Fiduciary assets for his personal use, including spending more than $892,000 to Nike Shoes White High Tops
For now, Hutcheson will remain under the custody of Mason, who will move into Hutcheson's Eagle home until mid June. The Hutchesons will then move to Donnelly and live at Mason's home near the resort.
He is charged with pulling more than $2 million from one retirement account in his trust and spending the money on home renovations and vehicles. Federal investigators also contend he wired $3.2 million from a second pension fund and used the cash to help finance the first step of his Tamarack acquisition.
In court documents, federal prosecutors claim Hutcheson, as recently as last month, was still trying to court investors either to continue his pursuit of Tamarack or restore cash to the pension funds. Attorney Raymond Patricco cited a March 12 proposal signed by Hutcheson seeking short term, low risk capital investments between $500,000 and $5 million. In the notice, Hutcheson claims he has secured a $200 million loan from a Canadian hedge fund to be used to acquire the resort. Early investors would have the chance to double their money within 120 days once Hutcheson closed the loan with the hedge fund, according to the notice.
Hutcheson, sporting a maroon top and pants issued by the Ada County Jail, acknowledged the charges spelled out Shoes Nike New
But Hutcheson ultimately failed to attract enough money and investors, and his dreams of saving the resort and injecting new life into the struggling local, rural economy fell apart. Department of Labor about Hutcheson's handling of assets in G Fiduciary, a retirement plan Hutcheson served as a trustee.
renovate his home inside and out and buying vehicles, motorcycles and all terrain vehicles.
Patricco cited these recent activities to have the judge prohibit Hutcheson from raising any Nike Shoes Sneakers Blue
Federal prosecutors also claim he raided a second pension fund entrusted to him to help finance an early phase of his Tamarack acquisition. The indictment claims he transferred more than $3.2 million from the Retirement Security Plan Trust, a Texas based fund with more than $24 million in assets, and used the cash in an effort to buy the resort's golf course and lodge.
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