A former Chicago banking executive was charged on Friday with swindling her elderly clients out of nearly $1.5 million by using her influence to persuade them to invest in her private movie deals.
Contacted Friday, Caldwell’s attorney said she intends to plead guilty.
“My client has taken responsibility and we’ve reached an agreement with the government as to a disposition,” said her attorney, Steven Rosenberg. He would not discuss any details, including potential financial restitution or penalties.
Wire fraud carries a maximum prison sentence of up to 20 years.
Caldwell’s case was featured prominently in an Injustice Watch series, Exploited Elders, which in August detailed gaping holes in Illinois’ safety net intended to thwart a skyrocketing number of fraud cases targeting the old and frail.
According to the charging documents filed Friday by acting U.S. Attorney Morris Pasqual, Caldwell persuaded her Citi clients to invest in horror movies being produced and promoted by her private movie company, Canal Productions LLC. According to the charges, each would share in the profits.
“In fact, as defendant knew, those representations were false because defendant intended to misappropriate, and did misappropriate, those proceeds for personal purposes,” the charges allege.
Full Article and Source:
Former Chicago Citi Vice President Charged With Elder Fraud
No comments:
Post a Comment