SALT LAKE CITY (AP) - A Utah man charged with running a $100 million Ponzi scheme faces 19 more charges.
Claud R. Koerber, also known as Rick Koerber, of Alpine, pleaded not guilty in June to charges of mail fraud, wire fraud and tax evasion.
On Tuesday Koerber was charged with counts of fraud in the offer and sale of securities, sale of unregistered securities, money laundering, and additional counts of both wire fraud and tax evasion.
Koerber is accused of running an investment scheme from 2004 through 2008. Prosecutors say Koerber secured more than $100 million in investment funds and that $50 million was used to make interest payments to earlier investors.
Koerber's attorney, Marcus Mumford, says he is eager to defend Koerber and that his client is optimistic. Koerber has denied any wrongdoing.
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Information from: Deseret News
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