A former Utah County real estate mogul is back in court again, facing more accusations of running a Ponzi scheme and scamming investors out of more than $100 million.
The defendant, Rick Koerber, has already been in court three times on similar indictments. In August 2014, a federal judge tossed out all charges against Koerber after determining prosecutors had violated the Speedy Trial Act.
But a grand jury found in January that the case should again be brought against Koerber.
According to the indictment, from 2004 to 2008, Koerber reportedly developed a scheme by which he would defraud investors through seminars designed to encourage them to make money through a real estate program he developed.
When investors made money, they would transfer the money to Koerber’s real estate entity, where he promised investors they could make “hard money,” as the indictment states.
But the indictment alleges Koerber spent the money for personal gain, spending more than $5 million on making a movie and $1 million on cars, among other purchases totaling more than $100 million.
Koerber appeared Thursday before Magistrate Judge Evelyn Furse in the District of Utah federal courthouse, declaring he would represent himself in the matter and at trial.
Koerber also entered not guilty pleas to his charges of fraudulent transactions, tax evasion, wire fraud and money laundering.
Koerber will stand trial April 24.