Former real estate investment guru accused of running a Ponzi scheme

From The Salt Lake Tribune, “Former real estate investment guru Rick Koerber frequently used investors’ own monies to send interest payments back to them and told his bookkeeper that running a Ponzi scheme was not illegal in Utah, according to testimony at Koerber’s federal court trial.

Koerber’s former bookkeeper, Forrest Allen, told a jury on Wednesday that Koerber’s companies were using investor funds to make interest payments on millions of dollars of investments or loans that poured into the Utah County operation from 2004 to 2007.

Murray focused on bank statements and other documents that showed that $1 million from one investor went into a bank account that at the time had less than $300 in it. Then over the next several days, that account was used to send out hundreds of thousands of dollars in interest payments to other investors.”

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