A private equity firm principal convicted of conspiracy and securities fraud will get a new trial due to a lack of evidence.
There wasn’t enough evidence for a jury to decide Devon Archer intended to commit securities fraud, the Nov. 15 opinion said.
A jury convicted Archer and co-defendants John Galanis and Bevan Cooney for their role in a $60 million Ponzi scheme involving Native American tribal bonds in June. Galanis’s son, Jason Galanis, masterminded the scheme, which took place while Jason was creating a legitimate financial services conglomerate, the court said.
Archer was a principal at a $2.4 billion...