- Associated Press - Monday, June 22, 2020

BOISE, Idaho (AP) - The former head of an Idaho investment firm has been sentenced to five years in federal prison for wire fraud.

David Hansen, 49, was the majority owner and CEO of Yellowstone Partners LLC, an investment management firm in Idaho Falls. He was charged in 2018 after federal prosecutors said he intentionally defrauded clients by systematically over-billing their accounts and then lied about the income on tax returns.

Hansen later pleaded guilty, telling the court he over-billed clients by more than $9 million. Hansen agreed to pay restitution as part of the plea agreement.

U.S. Attorney Bart Davis said in a prepared statement that the sentence sends a strong message to other investment managers who might consider taking advantage of clients.

Hansen was sentenced on Friday. A hearing to determine how much restitution he must pay has been set for June 26.

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