- Associated Press - Friday, August 15, 2014

SALT LAKE CITY (AP) - A federal judge has permanently dismissed the case against a Utah businessman charged with running a multimillion dollar Ponzi scheme.

U.S. District Judge Clark Waddoups ruled federal prosecutors violated real estate investor Rick Koerber’s right to a speedy trial in the 5-year-old case. He issued a rebuke to federal prosecutors in a ruling released Thursday, saying there was a pattern of neglect in the case.

The Salt Lake Tribune (http://bit.ly/1t7mlts) reports Waddoups dismissed the 18 counts of fraud and money laundering with prejudice, so they can’t be re-filed.

Prosecutors argued Koerber’s defense attorney was to blame for trial delays and victims would further suffer if prosecutors couldn’t seek a new indictment.

Koerber once called himself the “Latter-day capitalist,” hosted a radio program and could be seen on billboards.


Information from: The Salt Lake Tribune, http://www.sltrib.com



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