A Lawrence businessman charged with securities fraud earlier this year made his first appearance in court Wednesday, where a Douglas County judge read the charges against him.
Roderic E. Deines was charged in February with 11 felony counts of violating the Kansas Uniform Securities Act. Depending on his criminal history, Deines faces up to 172 months in prison if convicted of securities fraud — the most serious of the 11 charges.
On Wednesday, District Judge James George assigned Deines a $50,000 own recognizance bond, which means Deines will not be booked into jail once he completes paperwork at Douglas County Jail and as long as he makes each court appearance. Deines is scheduled to return to court April 8.
Deines is accused of defrauding three Russell residents by selling them unregistered securities. Deines' Family Homes Inc. had been portrayed as a house-flipping business that could produce investment returns. The Kansas Securities Commissioner's office says the investors' money instead was mainly used to pay for Deines' own expenses and to pay other investors. The office said victims' losses totaled more than $170,000.