Chicago Federal Jury Convicts Investment Manager Of Fraud

click to expand

CHICAGO (AP) — A Chicago federal jury has convicted an investment manager of defrauding clients and lenders out of more than $10 million over more than a decade.

Federal prosecutors say 53-year-old Shawn Baldwin was convicted Tuesday of seven counts of wire fraud. Authorities say he swindled 15 investors and corporate lenders when he operated investment firms in Chicago.

Prosecutors allege he told victims their cash would be placed in the stock market and used in other investments, but that he instead pocketed the money for personal use. Prosecutors say he sent investors bogus account statements.

Investigators say Baldwin's deceptive practices included lying about working with compliance officers and professional advisers, and minimizing actions regulators took against him. Prosecutors say the scheme last from 2006 to 2017.

Baldwin is to be sentenced in July. He's from Olympia Fields, just south of Chicago.