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 potential fraudsters that they will be caught and punished, and should remind potential victims that promises of easy money and large returns on investment are too good to be true.”
Prosecutors have described Koerber as the head of an elaborate Ponzi scheme who targeted fellow Latter-day…