An eight-year criminal case against a former real estate guru alleged to have orchestrated a Ponzi scheme has started a new chapter.
Koerber’s first trial, which stretched eight weeks, concluded Oct. 16 with a hung jury and a mistrial. Despite the costs of a second trial, the U.S. Attorney’s Office said it was in the best interest of justice to get a unanimous vote.
Koerber is accused of taking about $100 million from investors and using about half as interest payments, paying it back to investors to give the appearance of profitability, from 2004 to 2008.