SALT LAKE CITY — A financial fraud case in Utah that began about a decade ago has finally ended with a conviction.
A jury found Claud “Rick” Koerber guilty on 15 counts of wire fraud in a $100 million Ponzi scheme involving dozens of investors.
Utah U.S. Attorney John Huber says it’s unlikely they’ll get their money back.
The judge told Koerber to “behave himself” while he is free until his sentencing on Jan. 21.
Koerber ran Founders Capital and Franklin Squires investments and he maintains his innocence.
Court wrangling included a dismissal and a mistrial over nine years.
The original case was filed in early 2009 over venture capitalism projects that went back to 2004.