Utah real estate investor found guilty in fraud scheme

SALT LAKE CITY (AP) — A prominent Utah real estate investor has been found guilty of 15 charges related to one of the biggest fraud schemes in state history.

Federal prosecutors say Claud “Rick” Koerber tricked investors out of tens of millions of dollars, promising them high returns.

Koerber was found guilty Thursday of 15 counts of wire fraud, fraud in the offer and sale of securities and money laundering.

He was acquitted on two tax evasion charges.

Prior to Thursday, federal prosecutors had failed twice to secure a conviction during the nine years they worked on the case, which included a dismissal and a mistrial.

Koerber has maintained his innocence throughout the case.

His sentencing hearing is scheduled for Jan. 21.

Koerber was not taken into custody and will remain free until he’s sentenced.

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