By Nick Gale, WLS-AM 890 News
(CHICAGO) — A Chicago investment manager has been indicted for allegedly swindling more than $10 million from clients and lenders.
Federal officials say Shawn Baldwin, owner and partner in various investment-related firms in Chicago, exaggerated his financial success and professional connections to fraudulently obtain more than $10 million from at least 17 investors and lenders. The indictment says Baldwin falsely claimed that their funds would be invested in stocks and other investment products, when, in fact, Baldwin spent the money for his own personal benefit. The fraud scheme allegedly began in 2006 and continued until May of this year.
The indictment charges Baldwin, 51, of Olympia Fields, with eight counts of wire fraud. Baldwin pleaded not guilty at a Monday arraignment in federal court in Chicago. A status hearing is set for Dec. 28, 2017.
Officials say Baldwin attempted to conceal the scheme by furnishing victims with fraudulent account statements that misrepresented the value of their funds.
Each count of wire fraud is punishable by up to 20 years in prison.
Copyright 2017 WLS-AM News
