Reader comments
Businessman denies any misconduct in fraud case

D | 9:00 p.m. May 29, 2009

I invested $50,000 and got $17,000 back - I'd love to hear where the $60 million is now.

Kyle | 4:05 a.m. May 30, 2009

He answered that in the press conference.

SJ Bobkins | 5:02 a.m. May 30, 2009

What is it about Utah investors? If a guy has a business card he can find a few hundred greedy dipsticks begging to fill his pockets full of their hard earned cash, really believing they are going to double it in 60 days. It takes a bunch of fools to make a crook. If only the state had real legislators to pass laws protecting investors from themselves in place of industry lapdogs with a mountain of conflicts of interest, and supreme moral authority order to call the gays the scourge of the earth. First it was Hitler with the Jews, in the 21st century it Buttars and homosexuals.

Comments continue below

I'm no crook! | 5:15 a.m. May 30, 2009

Heard that before, so where is the 60 million? It's probably in his personal off shore bank account. If I remember correctly this guy was on his way out of the country when he was caught and arrested. He's not guilty? Then he should be able to repay all his 'clients' with interest from his $60 million bank roll. These criminals think it okay to steal other peoples money and its not wrong to separate the ones they con from their cash. It's time to separate him from his cash.

Steve | 6:09 a.m. May 30, 2009

Why would anyone take equity from their home and invest it in real estate? Only invest what you can afford to lose. Mr. Koerber isn't the only one who should be investigated, but all the people that invested in his real estate dealings should be investigated as well for idiocy and greed. They got caught up in materialism and the pitch of a quick dollar and left logic and common sense at the door. I went to one of his lectures and everyone there was just starry eyed about money they could make. What I also remember is he never guaranteed a return and I didn't understand what the heck he was selling. I doubt others did as well but they all knew "they could make lots of money." These supposed victims should have done more due diligence. But instead, they are taking the Obama route today and blame everyone else for their poor decisions. Personal responsibility by a bunch of "capitalist" seems to be left at the door at a local hotel ballroom.

Crook | 7:18 a.m. May 30, 2009

This guy is a crook who is making noise to put up a smokescreen. It's only a matter of time before it all catches up to him.

Dear Deseret News | 8:23 a.m. May 30, 2009

WHY are you giving Koerber the respect of the title "businessman"?

Of course he denies misconduct! He's complaining about the State of Utah....but he was indicted by the Feds because his political donations got him a big umbrella in Utah.

Illegal recordings | 8:53 a.m. May 30, 2009

It is against the law to record telephone conversations without all parties involved knowing they are taped. He is openly breaking the law by playing those tapes.

Good luck thief.

JC | 9:06 a.m. May 30, 2009

Poor innocent victim Rick! We "invested" $180,000 in his down line with a trusted relative and got less than $80,000 back. Show us the money, Rick! You fraud. . .

Brain Switch Guy | 9:09 a.m. May 30, 2009

Bummmmmmmmer!

My brain was just about to "turn on," and now it won't matter! Hate it when that happens!

But, I still like the radio show. Any chance that will continue, post-indictment?

Investment? | 9:57 a.m. May 30, 2009

And, if truly an investment (as mentioned in another article about him only seeking "accredited" investors' money), then where are the required statements and discolsure documents showing amounts invested, by whom, into what, the fees taken for services, and reports of gains/losses for any particular investment period? If these documents do not exist, then a crime has been committed. These are basic elements required for any organization that collects monies from people (acting either as a pass-through investment or fiduciary). It's similar to all the forms you get each year around tax time from your banks, credit cards, investments, etc, etc. If people who gave his company money did not receive these proper forms/disclaimers, then a crime has been committed - plain and simple. Ignorance of the law is no excuse - let alone some shell, MLM scheme (which would certainly bring far more severe penalties).

Anonymous | 10:12 a.m. May 30, 2009

Rick Koerber is a compulsive liar who belongs in jail. Enough said.

It fits | 10:14 a.m. May 30, 2009

Credulity, greed and Utah County. It's a match made in con-man heaven.

Steve is right | 10:23 a.m. May 30, 2009

I could not agree more with Steve. The culture of Utah Valley needs to change! That being said, I love UV and hope people will be more wise in the future.

Utah County Guy | 11:33 a.m. May 30, 2009

The entire Utah County economy is founded on confidence schemes and fraud, so what? Koerber got me for $100K with this one. I got him him for twice that several years ago. Instead of indicting the guy he should be getting TARP money to save our valley's economy.

It's too bad.... | 12:18 p.m. May 30, 2009

It's too bad he can't be busted just for being a pompous, arrogant jerk.

Listening to his radio show was one of the fuinnest experiences of my life! The unintentional comedy of this blow-hard and his minions congratulating themselves on how clever they were was off the charts. Didn't agree with him? Didn't like vouchers? He'd spend the next fifteen minutes insulting you and telling you "that's why you'll never amount to anything."

Congratulations on the federal indictment, Rick. It couldn't have happened to a nicer guy... I just hope your jail buddies share your same principles!

I just | 1:32 p.m. May 30, 2009

wish that when the authorities catch up to guys like this they'd treat them the same way as bank robbers who STOLE 60 million dollars - lock them up forever! BUT - THAT rarely happens, what he'll get is parole, and be told to pay (whatever he still has) back to the investors.

artvandelay | 3:06 p.m. May 30, 2009

Amazing that anyone bought into Koerber's ridiculous tagline, "Some things are true whether you believe them or not." Utah could use a huge dose of "some things are not true no matter how much you want to believe them".

Giani was right | 5:02 p.m. May 30, 2009

The first person a con man cons is himself.

If Rick is so anxious to vindicate himself in a court of law, why is he calling a press conference with his remaining 9 disciples to play recordings that are irrelevant to the Federal charges?

He appears to be using the, "I have no defense so I will attack the accuser strategy." I'm no fan of the state or federal bureaucracy but this is an exception where I think they need to slam dunk this guy.

A good con man will give you 99% of the truth (think politician) and weave the lie into the fabric of the truth. It is a combination of what they say and what THEY DON'T SAY.

It is through carefully chosen words with subtle messages that imply to the listener things like security founded on principles. Professional resource management founded on good stewardship. Trust founded on accountability. Wealth founded on proven strategies with near zero risk.

And of course they are careful to make sure that the language is general and vague enough to allow for a later denial of and/or a misinterpretation of what was said excuse.

TheHailstorm | 7:33 p.m. May 30, 2009

Mike Jensen of Elder law and Stagg Elder Care. Neither of whom are either conservative nor ethically legal. They have bilked on guy in Logan for over 250,000 $, another in SLC for $ 218,000 and my mother who had only $ 74,000 and was small potatoes of over $ 50,000 and did not pay her bills as was court ordered. These are the only three cases that I am aware of.
How do they get away with it when the judges turn a blind eye ion the third district ? The judges just don' They just stall the proceedings in order to collect more fees until the ward of the court is broke. Compassion is a word without meaning to these conservators and their attorneys. Mike Jensen of Elder law, Gary Badder , Stagg Elder Care, Allen Stewart of Holiday , Former Utah Supreme Court Judge Roger Livingston, Mary Ciccirrlo , Robert and Linda Allen , all conspired to perpetrate a fraud against a blind , elderly widow ..just for the greed of her money, all without any guilt
Perhaps they'll reach their heaven, none of us can say , but if I'm wise in my surmise they'll go the other

Re: TheHailstorm | 9:45 p.m. May 30, 2009

What the devil are you talking about?

TheHailstorm | 5:42 a.m. May 31, 2009

Blind justice, corrupt attorneys, and judges with little or no support from the attorney generals office about enforcing state statutes. Basic disregard of the law by officials who are to support and defend the innocent.

Fraud | 7:31 a.m. June 1, 2009

Fraud is fraud. Remember the movie THE MUSIC MAN. The people can be duped because they want to believe... because they just want to believe... because they just have to pretty please believe...

Utah is perfect for this kind of behavior.

Ponzi | 9:10 a.m. June 6, 2009

People who invested with Koerber *were* idiots, but that's no excuse for him. A woman who dresses in sexy clothes does not ask to be raped. Overly trusting greedy idiots who gave Koerber his money were not asking him to make Ponzi payments with it.

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