Newspaper article Evansville Courier & Press (2007-Current)

Judge Halves Bail in Million-Dollar Securities Fraud Case

Newspaper article Evansville Courier & Press (2007-Current)

Judge Halves Bail in Million-Dollar Securities Fraud Case

Article excerpt

A judge on Wednesday reduced bail for an Evansville investment adviser accused of swindling more than $1 million from at least a dozen area residents. Vanderburgh Circuit Court Judge David Kiely reduced Lynn A. Simon's bail from $100,000 surety or $10,000 cash to $50,000 surety or $5,000 cash.

Simon, 62, is being held at the Vanderburgh County Jail on three counts of securities fraud, Class B felonies, and a charge of unlawful sale of a security, a Class C felony.

Kiely also ordered that if Simon posts bail, he must stay on electronically monitored house arrest with no permission to travel, and that he must arrange the house arrest before he leaves jail.

Defense attorney Michael Keating said Simon would stay with his former wife, from whom he was recently divorced.

Law enforcement officials have said Simon disappeared in April after learning he was being investigated and that he surrendered only when he knew officers were about to close in on him.

However, Keating argued that Simon merited a lower bond because he had no previous criminal record.

He said Keating was not a flight risk and that he had visited Keating's Evansville office four days before turning himself in.

Deputy Prosecutor Malcolm Gwinn said Simon's actions had already demonstrated his flight risk.

"This is an investigation involving criminal actions that go back as far as 1998," Gwinn said.

He said Simon logged an estimated 6,000 miles on his vehicle during the time he was avoiding investigators, and visited states as far away as Oregon, New Mexico and Alabama. Gwinn said Simon also had shipped a luggage item to London and had purchased airline tickets in the names of relatives.

"We believe he may still have access to large amounts of cash," Gwinn said.

Kiely also ordered that Simon's passport not be returned to him and that he sign a waiver of extradition that would allow police to bring him back without a court hearing if he fled. …

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