WICHITA –A Sedgwick County judge has dismissed most of the securities charges against two former Wichita developers.
The Wichita Eagle reports Sedgwick County District Judge Ben Burgess on Thursday dismissed all but five of the remaining 54 felony fraud counts against former Wichita developers David Lundberg and Michael Elzufon.
The ruling came at the conclusion of a preliminary hearing that began Monday. Some of the counts were dropped earlier this week.
The Kansas securities commissioner accused the men of selling unregistered securities pertaining to investment projects Wichita between 2005 and 2012.
The defense argued in part that the securities commission didn’t have jurisdiction in the case.
Apart from a possible appeal by the state, the next step would be for the remaining five counts to come before the court again.
