VAN NUYS : Man Guilty in Scam Faces New Charges
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A former Beverly Hills commodities trader, already convicted of defrauding wealthy investors and writing bad checks, on Wednesday was ordered to stand trial on additional theft and bounced-check charges.
Mark R. Weinberg, 37, faces up to 10 years in prison if convicted in Van Nuys Superior Court of the 11 new charges, said Deputy Atty. Gen. Peggy S. Ruffra, who is prosecuting the case.
Weinberg faces up to seven years when he is sentenced Tuesday on a March 17 conviction for cheating clients by diverting to his own use money given to him to invest in futures trades. Jurors also found that he repaid clients with bad checks.
Municipal Judge Gregg Marcus, who ordered Weinberg tried on the 11 new counts, rejected the defendant’s claim that the funds he took from clients were loans, not money to be invested, and that business reversals prevented him from repaying the debts.
Weinberg also said his checks bounced because others gave him checks that were bad and because his bank unexpectedly revoked his overdraft protection.
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