Trial put on hold for Island man accused of fraud
November 24, 2008 · Updated 4:46 PM
A continuance has been issued for the trial of Washington Evergreens hockey team founder, Gerald Alan ``Jerry'' Sherman, a 54-year-old Mercer Island man accused of 16 counts of wire fraud, securities fraud, mail fraud and attempted bank fraud.
Federal prosecutors allege Sherman bilked friends, acquaintances, a bank, and even an off-shore oil company of millions of dollars. Investors allegedly were told they were getting in on a gold program in which Sherman would purchase gold bullion at 10- to 15 percent of normal market prices, transport the gold to a refinery, then sell the refined gold on world markets at full price. Sherman allegedly used the funds to support the hockey team and pay for lavish trips for himself, his young hockey players, and their families.
Sherman's trial date was originally set for June 27, but has been moved to Nov. 28 at Seattle's Western District U.S. Courthouse. On June 14, Sherman was released from jail to return to his rented Mercer Island home on electronic home monitoring.