According to a January 8, 2022 report from St. George’s News, Ryan Palmer, owner of Salina, Utah, bullet car repair business Palmer Equipment, has been charged with 3 counts including bank fraud, wire fraud and money laundering. It was reported that Palmer “defrauded over 20 people out of over $1.2 million after devising a series of fraudulent schemes that depleted at least one financial institution over $50,000”. It was reported that Palmer was not in custody.
The report says Palmer’s illegal activity began in 2017, which allegedly included delivering faulty equipment to buyers, altering or removing serial numbers on equipment parts, and withholding refunds. a $51,000 loan from a local credit union.
The report states the following:
Court records describe an incident that occurred on October 5, 2018, when Palmer received a 1985 Allis-Chalmers 8050 tractor for sale on consignment. According to the agreement between Palmer and the owner, the tractor, worth an estimated $25,000, was to be sold for no less than $20,000.
Two months later, Palmer and his wife applied for a loan and used 7 pieces of equipment as collateral to secure the loan, including the Allis-Chalmers tractor, which the defendant said he owned.
On December 18, 2018, the couple received the $51,000 loan which was deposited into their personal checking account at a local credit union and from there the funds were disbursed between multiple accounts. Palmer never repaid the loan to the bank and also sold some of the equipment held as security for the loan.
In late December, less than two weeks after the loan was granted, the defendant sold the tractor and another piece of equipment for $19,450 and allegedly kept the funds without paying the owner the proceeds of the sale.
August 1, 2018 Publish on the website of national asset management company Enhanced Capital mentioned a loan the company made to Palmer Equipment LLC through the Utah Rural Employment Act in July 2018. The post on the company’s website states the following:
The company specializes in New Holland bale wagons, an agricultural machine used to collect, transport 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 in the agricultural community and has assisted customers across the country.
Enhanced Capital made a debt investment in Palmer Equipment in July 2018 to support operations.