Feds Charge Ill. Man With $5M Investment Fraud

Law360, New York (November 4, 2010, 1:06 PM EDT) -- Federal authorities have accused a Woodstock, Ill., man of running a fraudulent investment scheme that cheated about 150 investors out of more than $5 million.

Scott M. Ross used investors' money to pay himself a $319,000 salary, purchase a $75,000-per-year skybox at the Indianapolis Colts' football stadium and make Ponzi-type payments to customers who complained, according to U.S. Attorney for the Northern District of Illinois Patrick J. Fitzgerald and Robert D. Grant, special agent-in-charge of the FBI's Chicago office.

Ross, who operated Harbor Wealth Management LLP...
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