‘Trib Talk’: Why is Utah home to so many Ponzi schemes?
(Steve Griffin | Tribune file photo) Former real estate guru Rick Koerber stands outside the Federal Courthouse in Salt Lake City, as he talks with the media, after a federal jury announced they were deadlocked over the allegations against him. Koerber was accused of illegal business dealings and running a Ponzi scheme. U.S. District Court David Nuffer declared a mistrial in Salt Lake City Monday October 16, 2017.
The sentencing of convicted fraudster Rick Koerber was delayed — again — this week, adding another chapter to a 10-year legal saga for one of Utah’s most notable Ponzi schemes.
But while the Koerber case is unique for its circuitous route to justice, Koerber’s underlying crimes and use of religion to target victims, are relatively common in The Beehive State, according to national statistics and the experience of local attorneys.
On this week’s episode of “Trib Talk” Tribune legal affairs reporter Jessica Miller and Salt Lake City attorney Mark Pugsley join Benjamin Wood to discuss Utah’s high rate of Ponzi schemes and why the state’s residents are particularly vulnerable to affinity fraud.
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“Trib Talk” is produced by Sara Weber with additional editing by Dan Harrie. Comments and feedback can be sent to email@example.com, or to @bjaminwood or @tribtalk on Twitter.