Rick Koerber, sentenced to 14 years in prison for fraud in a Ponzi scheme that prosecutors said targeted Latter-day Saints, is pictured in 2010. The 10th Circuit Court of Appeals on Thursday rejected Koerber’s appeal of his convictions. (Stuart Johnson, KSL)
SALT LAKE CITY — An appeals panel in Denver has affirmed federal fraud convictions for a Utah real estate investor who authorities say bilked investors out of more than $45 million.
The 10th Circuit Court of Appeals rejected Koerber’s appeal in a ruling released Thursday. In Salt Lake City, Utah’s top federal prosecutor said the outcome is a reminder that those running similar operations will be held to account.
Koerber, 48, duped investors “by creating a cult of personality and promising investors high returns with low risk,” said acting United States Attorney Andrea T. Martinez, in a prepared statement. “This decision should remind…