Rick Koerber

Claude Roderick "Rick" Koerber, (born Claud Roderick Franklin 1973, Casper, WY), is a Utah businessman and entrepreneur, who was indicted on charges of orchestrating and running a $100 million Ponzi scheme.[1] Charges were ultimately dropped.

Biography

Koerber was the presenter of the radio show "FreeCapitalist" and the founder of the "FreeCapitalist Project", both of which promoted free market capitalism, along with conferences on capitalism and business techniques.

At arraignment in June 2009, Koerber pleaded not guilty to all charges against him, and a trial was set for September 11, 2012.[2] In November 2009, U.S. Federal prosecutors filed 19 additional charges of fraud against Koerber, including one count of mail fraud, six counts of fraud in the offer and sale of securities, one count of sale of unregistered securities, 10 counts of wire fraud, two counts of money laundering and two counts of tax evasion, bringing the total of charges filed to 22.[3]

During evidentiary hearings a key piece of evidence was thrown out resulting in one charge being dropped because it was based on a draft of a letter to key investors and there was no evidence it was sent.[4]

On March 28, 2014, a federal judge set a new trial date to try the remaining 18 charges,[5] however Judge Clark Waddoups dismissed the case on June 19, 2014 due to the government violating Koerber's right to a speedy trial. The case was dismissed 5 years to the day after Koerber's arraignment.[6] The case was dismissed with prejudice.[7] In December 2014 prosecutors said they were willing to appeal the verdict.[8]

References

  1. ↑ "'Latter-day capitalist' Rick Koerber: Rags to riches and back again". Salt Lake Tribune. 2009-10-19. Retrieved 2009-10-22.
  2. ↑ "Man pleads not guilty in $100M Ponzi scheme". Deseret News. 2009-06-20. Retrieved 2009-10-22.
  3. ↑ "19 new charges filed in alleged megafraud". Salt Lake Tribune. 2009-11-11. Retrieved 2009-11-24.
  4. ↑ "Utah judge tosses evidence in Koerber alleged 'Ponzi' case". The Salt Lake Tribune. 2013-08-21. Retrieved 2014-04-16.
  5. ↑ "Man accused of operating Ponzi scheme gets trial date". The Salt Lake Tribune. 2014-03-28. Retrieved 2014-04-16.
  6. ↑ "Giant Utah fraud case will be dismissed". The Salt Lake Tribune. 2014-06-19. Retrieved 2014-06-20.
  7. ↑ http://www.sltrib.com/csp/mediapool/sites/qanews/news/1465245-155/koerber-case-attorney-federal-prosecutors-utah.csp
  8. ↑ http://www.sltrib.com/news/1913290-155/prosecutors-want-to-refile-utah-fraud

External links

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