Barry Pollack Quoted in Associated Press Regarding Okun Case

“Closing arguments heard in Fla. man's fraud trial”
Associated Press
03.17.09The article includes excerpts from Barry Pollack’s closing arguments in the case against Edward Okun, a Florida businessman accused of defrauding more than 500 individuals of millions of dollars by using client money he was holding in escrow for personal purposes. Pollack did not dispute that Okun enjoyed the high life, but insisted that Okun believed there was nothing wrong with spending client funds as long as they were repaid as scheduled. And they were repaid, he said, until Okun's plan finally collapsed. "Mr. Okun failed in his plan," Pollack said. "But failure is not a crime." Pollack further told the jury that qualified intermediaries are unregulated, so there was nothing to prohibit Okun from "borrowing" from his clients' deposits to invest in commercial real estate and pay personal expenses.
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