'I Hope He Dies': $10 Million Ponzi Scheme Heads to Court

Accused con man Richard Freer had nothing to say Monday during his preliminary hearing in Northampton County Court.

The dozens of people whose life savings he's accused of stealing in a $10 million ponzi scheme were a different story. 

"Coward," one of them called out. 

"I hope he dies," another said at the conclusion of the brief session, which ended with Freer waiving his right to a preliminary hearing. That means the case against him moves to county court.

Freer, 67, of Palmer Township, was charged in September with 90 counts each of theft by deception and failure to make required disposition of funds, along with 50 counts of forgery and other related charges.

Prosecutors allege Freer, a former Lafayette Ambassador Bank president, began his scheme sometime after going to work with the Aviva insurance company in 2002, and continued working it up until the time of his arrest in September.

They say he convinced clients to invest with him, telling them he was putting their money into real estate trusts. In reality, Freer was allegedly spending the money on himself, or using it to pay other investors.

Assistant District Attorney Bill Blake said Monday the case was still "fluid" when asked if more charges were possible.

He added that the chances of investors ever recovering their money are pretty much nonexistent.

"Everybody would like to think there's some hidden account, or some treasure buried in the back yard, but it's just not there," he said following the hearing.

That loss is frustrating for people like Joan Curto, a Palmer Township widow who said she lost everything by investing with Freer. She compared him to "Lucifer," the fallen angel.

"He has everything I own," she said. "I can't pay taxes. I can't die."

Freer is due back in court Jan. 9 for his formal arraignment. He remains in Northampton County Prison with his bail set at $10 million bail.