SEC goes after Sports Webio

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Posted by Moher Beer on June 15, 2009 at 11:57:31:

SEC charges founder of Chicago Sports Webio in fraud
By Ameet Sachdev | Tribune reporter
11:02 AM CDT, June 15, 2009

The U.S. Securities and Exchange Commission on Monday accused David Hernandez of running a fraudulent investment scheme. Hernandez started an Internet-based sports talk show with Chicago radio personality Mike North.

In the civil lawsuit, the SEC charged Hernandez of operating a Ponzi scheme and diverting investor funds to buy cars, jewelry and a piano among other things. He also transferred funds to the bank accounts of two other companies he controlled, including Spectrum Entertainment Group Inc., which funded the talk show, Chicago Sports Webio, the SEC said.

The complaint also said that Hernandez is a convicted felon and that he and his wife, Gina Hernandez, have filed for bankruptcy in 2004, 2005 and 2006. In 1998, Hernandez was convicted of wire fraud arising from previous employment at a bank.

Hernandez could not be immediately reached for comment.

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