SAM Magazine—Boise, Idaho, Apr. 16, 2012—Pension fund trustee and investment adviser Matthew Hutcheson, who bid $40 million for Tamarack Resort in 2010, has been arrested on 31 counts for defrauding two pension funds under his control. The indictment charges that Hutcheson used the money in his effort to buy the Tamarack resort as well as for his personal use.

In particular, the indictment claims the fund manager invested $3.2 million from the Retirement Security Plan & Trust pension fund to buy a bank note and interest in the golf course at Tamarack.

Hutcheson’s attorney said that, as a fund manager, Hutcheson was free to make the Tamarack investment.

In November 2010, Hutcheson formed Green Valley Holdings LLC to bid on Tamarack, attract investors, and develop a plan for the resort. But he failed to attract the necessary financial support, and his bid for Tamarack evaporated.