Real Estate Exec Denies $18M Ponzi Scheme

Law360, Chicago (January 5, 2012, 1:25 PM EST) -- A former real estate investment businessman pled not guilty in Illinois federal court on Thursday to charges that he and his partner operated a Ponzi scheme that fraudulently pulled in $18 million from more than 300 investors.

Jacqueline Jacobson of Monico Pavich & Spevack told U.S. District Judge Gary Feinerman that her client, Frank Constant, denied all seven charges of wire fraud he faces in the case prosecutors launched with a criminal complaint in May.

Constant is working on hammering out a plea agreement with the...
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