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Chicago man accused of fraud in suspected Ponzi scheme

| Jun 3, 2014 | White Collar Crimes |

The vast majority of people work hard for their money. Those who may have extra to invest, may look for a trustworthy person to handle their investment. Unfortunately, investing comes with a certain degree of risk. Just as one might gain money by making a good investment, money can just as easily be lost. Unfortunately, one Chicago man has been accused of fraud after claims that he illegally handled money he was expected to invest.

The alleged scheme began in 2006. The man accused is the only owner of two unregistered investment advisers, Caldera Advisors LLC and Blue Horizon Asset Management LLC. Authorities claim that over the course of approximately eight years, the man defrauded 41 investors of over $11.3 million.

Officials believe that the man used the money to support his lavish lifestyle as well as fund other business ventures. Reports claim that he hid his alleged actions from investors by distributing fake account reports. He now faces one count of wire fraud. If convicted, he could face a fine and up to 20 years in prison.

Although the Chicago man is accused of fraud, he has certain rights that are guaranteed. As with anyone facing criminal charges, he is considered innocent until — and only if — he is found guilty after a fair trial before an impartial court. In order to obtain a conviction, prosecutors must provide sufficient evidence to prove his guilt beyond a reasonable doubt. If they are unable to meet this high standard, the man must be found not guilty of the charges against him.

Source: fbi.gov, “Chicago Investment Fund Manager Facing Criminal Charge for Allegedly Defrauding 41 Investors of $11.3 Million“, , May 29, 2014

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