Bend-based Pac Equities, a real estate development company, was also found guilty of the securities fraud scheme. The verdicts were returned after a 10-day trial in Eugene before U.S. District Judge Michael Hogan, who will sentence Rich, 70, on Feb. 12.
The jury found Rich and Pac Equities guilty of securities fraud, wire fraud and mail fraud. Additionally, the jury found Rich guilty of bank fraud, attempted bank fraud, money laundering, obstruction of justice and tax fraud.
Rich faces a 113-year sentence and a fine of $7.85 million on all counts.
The jury also found that all assets acquired by Rich and Pac Equities were the proceeds of the securities fraud, wire fraud and mail fraud and must be forfeited to the United States. Approximately $10 million in assets have been seized by the United States so that they can be returned to more than 300 people who invested $18 million with Pac Equities.
In September 2006, Rich's wife, Phyliss, former chief operating officer of Pac Equities, pleaded guilty to conspiracy to commit securities fraud and to filing a false tax return. In June she was sentenced to serve 51 months in federal prison and ordered to pay more than $13 million in restitution.
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source: bizjournals.com
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