The Federal crackdown against real estate gurus has taken a stumble recently.
The Feds indicted real estate guru Rick Koerber on twenty-two fraud, tax evasion, and money laundering charges but the case was dismissed with prejudice after prosecutors failed to move forward with the case in a timely manner.
Koerber turned to the Internet to proclaim his innocence, despite the fact there had been no such vindication by the U.S. District Court. He escaped prosecution on a technicality, albeit an important one.
But Federal prosecutors have appealed this decision and the ultimate decision on whether to try Koerber is still outstanding.
Rick Koerber was charged in the indictment with running a $100 million Ponzi scheme in Utah. He is best known for this get-rich-quick real estate radio show (hosted through YouTube) The FreeCapitalist, and The FreeCapitalist Project where he promoted free market economics and real estate investment as the key to all personal wealth.
So far at least six real estate gurus have been successfully prosecuted by the Feds in the last eighteen months with this effort being the only one not successful, either resulting in a plea bargain deal or outright conviction.
The Feds have a pipeline of new indictments coming against real estate gurus. Stay tuned.