- Associated Press - Monday, October 16, 2017

SALT LAKE CITY (AP) - A judge has declared a mistrial in the case of a larger-than-life Utah businessman accused of running a $100 million Ponzi scheme.

The declaration came after a federal jury deadlocked Monday following seven days of deliberating charges including money laundering and securities fraud against Rick Koerber.

The self-proclaimed “Latter-day Capitalist” once offered $2,000 real estate-investing seminars and hosted a radio show extolling principles like liberty and self-government.

Prosecutors said he spent lavishly on a mansion and luxury cars even though his businesses were never profitable.

But defense attorney Marcus Mumford said he was making legitimate investments and prosecutors cherry-picked evidence.



Charges against Koerber were thrown out once before, but prosecutors appealed and filed again.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide