Posted by chicagomedia.org on June 16, 2009 at 16:22:40:
Accused Sports Webio investor missing, cops say
June 16, 2009 3:03 PM | Chicago Tribune
David Hernandez, the investor in a Chicago Internet radio station who was accused Monday by federal regulators of operating a Ponzi scheme, is missing, according to the Downers Grove police.
Hernandez's wife, Gina, reported him missing after he did not return home from work Monday evening, police said. The couple live in Downers Grove.
Hernandez, 48, was last seen driving an olive-colored 2005 Ford Explorer, police said. He was wearing a burgundy shirt and khaki pants.
Hernandez bilked more than 100 investors in at least 12 states out of $11 million by guaranteeing fixed rates of return as high as 16 percent, the Securities and Exchange Commission said in a civil action filed Monday in federal court in Chicago.
Hernandez told investors that their money would fund a payday lending business but instead he used the cash for personal expenses and other business ventures. One was Chicago Sports Webio, an online site that broadcasts sports-talk shows featuring Mike North, Dan Jiggetts, Chet Coppock and other radio personalities, the SEC said.
Any person with information in regards to his whereabouts should contact the Downers Grove Police Department immediately at 630-434-5600.
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