Convicted Ponzi Schemer Pushes 9th Circ. For New Trial

Law360, San Francisco (July 10, 2013, 5:50 PM EDT) -- The co-founder of foreign currency exchange brokerage Global One LLC urged the Ninth Circuit on Wednesday to reverse his conviction and 25-year sentence for launching a Ponzi scheme that lost its customers $12 million, arguing that the jury was wrongly told that loan agreements with customers constituted securities.

Richard Young argued that his 2011 conviction and sentence should be overturned because of the erroneous securities-related jury instruction and because the jury was prejudiced against him when it was told that a state court had ruled against...
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