A criminal trial for former Newport Beach investment adviser Steven D. Wymer has been postponed indefinitely while his lawyers sift through hundreds of documents and ponder a possible plea agreement for their client.
Wymer was scheduled to go on trial Tuesday in U.S. District Court in Los Angeles. He faces 30 counts of securities fraud, money laundering, obstruction of justice and other federal charges.
But defense attorney Mark S. Roberts said Tuesday that the prosecution has agreed to a defense motion to put off the trial until Wymer's lawyers could finish preparing their case.
"There's an incredible amount of evidence that has to be analyzed," Roberts said. "That's the principal reason (for the delay.)"
No new trial date has been set, and U.S. Atty. James R. Asperger, who is heading up the prosecution, was unavailable for comment.
Wymer, 44, is accused of making off with as much as $113 million while running two money management firms, Institutional Treasury Management in Newport Beach and Denman & Co. of Irvine, prosecutors said.
Wymer's lawyers, who have maintained his innocence, said that much of the money was lost in bad investments.
Nevertheless, they have acknowledged that they have been working on a plea bargain. No such agreement has been reached, and it was not clear if one would eventually be signed by Wymer.
"It's too early to say," said Roberts.