Career
Charges were ultimately dropped. At arraignment in June 2009, Koerber pleaded not guilty to all charges against him, and a trial was set for September 11, 2012. In November 2009, United States. Federal prosecutors filed 19 additional charges of fraud against Koerber, including one count of mail fraud, six counts of fraud in the offer and sale of securities, one count of sale of unregistered securities, 10 counts of wire fraud, two counts of money laundering and two counts of tax evasion, bringing the total of charges filed to 22.
During evidentiary hearings a key piece of evidence was thrown out resulting in one charge being dropped because it was based on a draft of a letter to key investors and there was no evidence it was sent.
On March 28, 2014, a federal judge set a new trial date to try the remaining 18 charges, however Judge Clark Waddoups dismissed the case on June 19, 2014 due to the government violating Koerber"s right to a speedy trial. The case was dismissed 5 years to the day after Koerber"s arraignment.
The case was dismissed with prejudice. In December 2014 prosecutors said they were willing to appeal the verdict.
