Idaho Banker Accused of Duping Investors, Using Funds to Buy Iraqi Currency, Pay Off Others


The Idaho Department of Finance slapped an Idaho banker with a lawsuit today, alleging that he exploited his position as a lender to dupe investors. In fact, the suit alleges that Matthew Blood of Plummer did minimal trading with investor money "and instead used the money for his own personal benefit."

The complaint alleges that Blood failed to disclose that a portion of investor funds would be used to purchase Iraqi currency, and that other funds would be used to pay back another investor.

The lawsuit seeks a court order enjoining Blood from further securities law violations, the return of $102,000 to investors, and the payment of $40,000 in attorney fees and costs.

Blood was employed as the site manager of Sterling Savings Bank in Plummer.