Hutcheson started bouncing checks soon after, said Scott Turlington, an Idaho consultant who worked on Hutcheson's plan to buy Tamarack. Two checks to Turlingon's company, Principle Strategic Advisors, one for $45,000 in March and another for $6,000 in May, failed to clear, Turlington said.
At the same time, his 401(k) customers became impatient in their attempts to retrieve their savings.
Thompson, the audiologist, said two workers nearing retirement have been trying to get money from their 401(k) plan since October 2010. At first, Hutcheson apologized for the delay, saying he had been busy.
"Matt in the past had been kind of slow, because he has too many irons in the fire," Thompson said.
In May, Hutcheson visited Thompson and recommended transferring money out of G Fiduciary and into another plan he ran, the National Retirement Security Plan (NRSP), which had more investment choices. After that transfer, Thompson's workers could get their money, Hutcheson said.
"We went ahead and signed up with NRSP," Thompson said.
Creditors started pursuing Hutcheson at about the same time. Givens Construction, the company that built the barn and remodeled Hutcheson's house, filed a $159,943 lien on it with the recorder's office in Ada County, Idaho, on May 24.
No Transfer
Thompson Audiology's 401(k) money was supposed to be transferred by June 30, Thompson said. It never arrived.
"At some point, the money was taken out of G Fiduciary but wasn't put into NRSP," Thompson said.
In August, Hutcheson told Thompson that the money was in an illiquid investment, Thompson said. Thompson made a complaint to the Department of Labor.