According to a Jan. 8, 2022, report from St. George News, Ryan Palmer, owner of Salina, Utah, bale wagon repair company Palmer Equipment, has been indicted on 3 charges including bank fraud, wire fraud and money laundering. It was reported Palmer had allegedly "bilked more than 20 individuals out of more than $1.2 million after devising a series of fraudulent schemes that left at least one financial institution over $50,000 poorer." It was reported that Palmer is not in custody.
The report stated Palmer's illegal activity began in 2017, which allegedly included delivering defective equipment to buyers, altering or removing serial numbers on pieces of equipment and not repaying a $51,000 loan from a local credit union.
The report states the following:
Court records outline an incident that took place on Oct. 5, 2018, when Palmer received a 1985 Allis-Chalmers 8050 tractor to sell on consignment. According to the agreement between Palmer and the owner, the tractor, with an estimated value of $25,000, was to be sold for no less than $20,000.
Two months later, Palmer and his wife applied for a loan on and used 7 pieces of equipment as collateral to secure the loan, including the Allis-Chalmers tractor, which the defendant said he owned.
On Dec. 18, 2018, the couple received the $51,000 loan that was deposited into their personal checking account at a local credit union and from there, the funds were disbursed between several accounts. Palmer never paid the bank back for the loan, and also sold some of the equipment that was held as collateral for the loan.
At the end of December, less than two weeks after the loan was issued, the defendant sold the tractor and another piece of equipment for $19,450 and reportedly kept the funds without paying the owner from the proceeds of the sale.
An August 2018 post on national asset management firm Enhanced Capital's website mentioned a loan the firm gave to Palmer Equipment LLC through the Utah Rural Jobs Act in July 2018. The post on the firm's website states the following:
The Company specializes in New Holland bale wagons, a farming machine used to pick up, haul and unload bales. Palmer Equipment’s unique business model revitalizes used and damaged wagons to sell to small, independent farms at an affordable price. For over 30 years, Palmer has been involved with the agricultural community and has helped customers across the country.
Enhanced Capital made a debt investment in Palmer Equipment in July 2018 to support operations.
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