Saturday, November 22, 2014

Real Estate Guru Rick Koerber Escapes Prosecution For Now

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.

Saturday, November 15, 2014

Real Estate Guru Tanya Marchiol Pleads Guilty

Real estate guru Tanya Marchiol has pleaded guilty in Federal court to a wide variety of charges including tax evasion and money laundering.

Of particular note in this case is Marchiol was accused by Federal prosecutors of laundering money for drug traffickers through her real estate guru operations.  This is a new twist on an old scheme for me.  For example, one very famous real estate guru actually paid for their rental properties by selling cocaine out of their management office.

Marchiol was a high flyer in real estate guru circles over the last few years.  Based in Phoenix, she is best known for her book and the speaking tour surrounding it where she appeared on all types of media including CNBC and Fox Business spouting her version of get-rich-quick real estate riches.

She is at least the sixth real estate guru to be indicted or convicted by the Feds in the last eighteen months.  The Federal probe of real estate gurus by the U.S. Department of Justice and other law enforcement agencies rolls on.

More indictments are going to follow.  I have it on good information a grand jury  will be convened to investigate this entire corrupt industry.  As part of plea deals and sentencing reductions these convicted gurus are squealing on each other, once again proving the old axiom there is no honor amongst thieves and giving the Feds lots of information about the rampant corruption in this industry and the major and minor players behind it.