Rick Koerber Biography
Claude Roderick "Rick" Koerber is a Utah businessman and entrepreneur, who was indicted with charges of orchestrating and running a $100 million Ponzi scheme. Rick had pleaded not guilty to all 19 charges and a trial was set for September 11, 2012. By the current time, well explicable form of his entire life events has not been summarized in any particular site. Hence it is very difficult task to summarize anything about his personal and professional life without any strong base. Though Wikipedia hasn’t included his whole life events from his date of birth to present time but still some of the important events are included which have tremendous effect on his life.
Claude was born as Claude Roderick Franklin 1973, Casper, WY. Anything about his childhood has not yet disclosed in public due to some unknown reasons. But, there are quite much more events related to him on the matter of legal charges. He likes to call himself political minded entrepreneur and businessman. He has been dedicated to advancing capitalism as the moral foundation for a revolution to sanction, restore, and complete the political achievement of the American Revolution.
At present a federal judge has tossed out all the charges against former Utah Country real estate mogul Rick Koerber, ruling the government has failed to meet the qualifications to give Koerber a speedy trial. Federal Judge Clark Waddoups issued a 17-page decision Thursday that found prosecutors had violated the Speedy Trial Act and that he had no other choice but to dismiss the case. Waddoups dismissed the case with prejudice, meaning Koerber cannot face the same charges at a later date. Koerber was originally charged in 2009, accused of duping hundreds of Utah investors into pumping millions of dollars into bogus real estate investments. According to Daily Herald reports on Koerber's 2009 indictment, he would, through his so-called real estate program called Equity Mill, lure investors with offers of "an aggressive interest payment and a high degree of liquidity" for loans they made to the company. He claimed investors would be paid "interest rates ranging between 1 percent and 10 percent a month." As part of his program, Koerber encouraged first-line investors, who generally received 5 percent per month, to obtain funds from other people to place with Founders Capital. These first-line investors would then pay 3 percent per month to second-line investors, who in turn, would pay one percent per month to third-line investors. Koerber claimed the investors' funds would be used to make bridge loans to Founders' subsidiaries, New Castle Holdings and Hill Erickson, supposedly for real estate purchases. He also claimed the investors' funds were "backed, collateralized or secured by real property of greater or substantially similar value" and that "typical levels of security or collateralization range between 50 percent and 150 percent."
Koerber was the presenter of the radio show "FreeCapitalist" and the founder of the "FreeCapitalist Project", both of which promoted free market capitalism, along with conferences on capitalism and business techniques. In November 2009, U.S. Federal prosecutors filed 19 additional charges of fraud against Koerber, including one count of mail fraud, six counts of fraud in the offer and sale of securities, one count of sale of unregistered securities, 10 counts of wire fraud, two counts of money laundering and two counts of tax evasion, bringing the total of charges filed to 22.
At the time of the charges Koerber said he was disappointed the government decided to seek the indictment, and that it was full of inaccuracies and misconstrued the operation of his businesses. Koerber's attorneys did not immediately respond Friday to the Daily Herald's request for comment on the dismissal of the case.