Quantcast
Don't Miss
Home / The VLW Blog / Government rests in Okun fraud trial

Government rests in Okun fraud trial

The prosecution has finished its case-in-chief against alleged investment scammer Ed Okun.

The key witness in the case, a former manager of an exchange company purchased by Okun, testified she hid up to $18 million of client money to prevent it from being stolen.

A Richmond federal jury heard further incriminating testimony from former employees, accountants, lawyers and victims, reports the Richmond Times-Dispatch.

Okun is accused of running a Ponzi scheme, where he stole $132 million from 577 victims across the country. In addition to purchasing exchange companies to keep his scheme running, Okun spent over $30 million on personal indulgences, including a 131-foot yacht and a lavish $171,000 wedding.

The wedding video was barred from the courtroom, but for those who are curious, the Times-Dispatch Web site includes it with their article.

By Sarah Rodriguez

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

 

Scroll To Top