Posted by chicagomedia.org on June 26, 2009 at 15:56:27:
Alleged Ponzi scheme operator undergoes wrist surgery
Police expect David Hernandez to leave hospital Saturday
1:12 PM CDT, June 26, 2009
Tribune staff report
David Hernandez, the investor behind the defunct online radio station started by Chicago broadcaster Mike North, is undergoing surgery Friday to repair his wrists and will likely remain hospitalized for at least another day, police said.
Hernandez has been in the hospital since Monday when police in the central Illinois town of Normal arrested him in a local motel. He was taken to a Normal hospital because police found him with what appeared to be self-inflicted injuries to his wrists.
Hernandez, 48, of Downers Grove, had been missing since June 15, the same day federal securities regulators accused him of operating a fraudulent investment scheme. He allegedly used that money to fund his business ventures, including Chicago Sports Webio, an Internet site launched in April that broadcast sports-related talk shows featuring commentators such as North and Chet Coppock.
Federal authorities obtained a warrant for his arrest June 17 after filing a criminal charge of mail fraud against Hernandez. The FBI, though, had few leads on Hernandez's whereabouts until Normal police found him. Police were called by the motel to check on the welfare of a guest. Hernandez had been staying at the motel for a few days under an assumed name, police said.
Normal police transferred custody of Hernandez to the FBI on Wednesday morning. Police Chief Kent Crutcher said Friday morning that Hernandez will likely be released from the hospital sometime Saturday.
A spokeswoman at the FBI's office in Chicago said she could not confirm Hernandez's possible time of release from the hospital.