A 17-count indictment accused Koerber of taking about $100 million from investors and using about half as interest payments, paying it back to investors to give the appearance of profitability, from 2004 to 2008.
When the enterprise stopped making payments in 2007, investors were owed about $47 million, according to the indictment, which was issued in January. Those investors lost life savings, retirement funds and equity in their homes that they had taken out as loans and poured into Koerber’s businesses.
But defense attorney Marcus Mumford told jurors in his closing argument that his client is innocent.