$10 Million Bail For Alleged $10 Million Ponzi Scheme

Richard Freer, the Palmer Township man accused of running a fraudulent $10 million real estate scheme, went to Northampton County Court Wednesday with hopes of having his bail reduced.

Instead, the judge raised it.

That's according to the Express-Times, which said Judge Michael Koury raised Freer's bail to $10 million straight. 

The newspaper says Freer's attorney had asked for the bail to be lowered to $1 million, with the option of posting 10 percent to be released.

Freer, 67, of Tatamy Road, is accused of cheating dozens of local residents out of their savings by getting them to invest in real estate. Prosecutors say that Freer was simply depositing their money into his own account, and then spending it on himself or using it to pay other investors.