Jury deadline for businessman accused in Ponzi scheme

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.

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