Business ProfileforYellowstone Partners, LLC
Current Alerts For This Business
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On November 15, 2019, the U.S. Attorney’s Office for the District of Idaho announced that David Hansen was indicted on 17 counts of wire fraud and six counts of tax fraud. Hansen was the 90 percent owner and chief executive officer of Yellowstone Partners, LLC, an investment management firm headquartered in Idaho Falls.
The indictment alleges the following: Yellowstone Partners managed its clients’ investment funds pursuant to management agreements that provided for Yellowstone Partners to collect fees for its services. The actual client funds were kept in accounts at national brokerage firms. Yellowstone Partners would receive its fees by submitting billing requests to the brokerage firms. Those requests were supposed to comply with the fees set forth in the management agreements between Yellowstone Partners and its clients.
The indictment furthermore alleges that: From 2008 to 2016, Hansen systematically and intentionally overbilled many of his clients’ accounts. He personally submitted fraudulent billing requests to a brokerage firm, and he also directed certain employees to do the same. The fraudulent billings resulted in the transfer to Hansen and Yellowstone Partners of client funds in amounts far in excess of what was allowed for under the management agreements. It is estimated that Hansen defrauded his clients of at least $9,448,941 through his overbilling scheme.
The indictment also alleges that: In 2012 and 2013 Hansen aided and assisted in the preparation of false and fraudulent income tax returns for Yellowstone Partners and himself. Specifically, as part of the overall fraud at Yellowstone Partners, Hansen caused Yellowstone Partners’ revenue and his own income to be significantly underreported.
The indictment finally alleges that: If convicted of wire fraud, Hansen shall forfeit $9,448,941.
For more information, please contact the U.S. Attorney’s Office for the District of Idaho at www.justice.gov/usao-id or (208) 334-1211.
At-a-glance
Related Categories
Business Details
This is a multi-location business.
- Location of This Business
- 3340 Merlin Dr Ste 101, Idaho Falls, ID 83404-7449
- BBB File Opened:
- 3/18/2013
- Years in Business:
- 19
- Business Started:
- 8/3/2004
- Business Started Locally:
- 8/3/2004
- Business Incorporated:
- 8/3/2004
- Type of Entity:
- Limited Liability Company (LLC)
- Business Management
- Mr. Eric Rubin, Chief Executive Officer
- Contact Information
Principal
- Mr. Eric Rubin, Chief Executive Officer
Customer Contact
- Mr. Eric Rubin, Chief Executive Officer
- Additional Contact Information
Fax Numbers
- (253) 761-4299Other Fax
- (208) 612-1031Other Fax
Phone Numbers
- (253) 761-4199Other Phone
- (208) 612-1000Other Phone
- (253) 761-4299
Customer Complaints
0 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintBBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business.