Jan. 21--An investment adviser accused of losing millions for his clients, who include a former Chicago Bear, is seeking a dismissal of five of 17 criminal counts, claiming the indictments for those counts have legal deficiencies.
Attorney Terry Ekl argued Wednesday in court that five counts of securities fraud filed against his client, Robert Acri, should be dropped because they fail to adequately spell out offenses Acri is alleged to have committed.
Judge Daniel Guerin, who is overseeing Acri's case, ordered both sides back Feb. 19 for a ruling. The case is being prosecuted in DuPage County court by Illinois Attorney General Lisa Madigan's office.
Acri, 59, of Winnetka, is being tried on charges of securities fraud, mail fraud and forgery stemming from the loss of $10 million of money entrusted to him through his financial investment firm. One of those who reportedly lost money is Keith Van Horne, a former Bear and member of the 1985 Super Bowl champion team.
In his motion seeking dismissal, Ekl argues that prosecutors indicted Acri on securities fraud charges but did not identify the security sold or the dates of sale or any of the investors who bought it. Prosecutors are seeking an enhanced charge based on one of the investors being older than 60, but the indictment does not identify the investor, according to the motion.
Such oversights cannot be fixed through simple amendments, Ekl argues.
"You can't cure a defective indictment," he said.
In cases with defective indictments, prosecutors could drop the charge and seek a re-indictment, but in Acri's case, the statute of limitations for the alleged securities fraud may have expired, Ekl said.
Authorities allege that Acri deceived investors about the financial health of their investment and failed to disclose a risky loan he made to a friend with investor money. He also is accused of falsifying documents to cover up losses. One of the 30 investors who allegedly lost money is a DuPage resident, which is why the attorney general's office brought charges there.
The attorney general's office did not reply to a request for comment.
Clifford Ward is a freelance reporter.
