Jury deadline for businessman accused in Ponzi scheme
Oct. 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.