Lawsuit accuses Chicago businessman known as "Mr. Finance" of running Ponzi scheme

A well-known Chicago businessman who goes by Mr. Finance is being sued by more than two dozen people who say he is running a Ponzi scheme.

Disparti Law Group announced Tuesday that it is filing the lawsuit against Brandon Ellington and his company, Access Capital Today.

"He was robbing Peter to pay Paul, and one day Peter didn't show up," said plaintiff Melody Woods. "We want him to be held accountable, and last, but not least, we want our money back — all of it."

The complaint alleged that Ellington would appear on TV and radio, and even speak at churches, in an effort to boost his reputation and find possible victims.

Ellington would encourage people to liquidate their retirement accounts and take out high-interest loans to invest in Access Capital Today, promising monthly payments and big returns, the lawsuit alleged.

But after making a few payments, Ellington would cut off all contact, the lawsuit alleged.

At least one plaintiff reported losing $160,000 to his scheme.

The suit demanded that all the money the plaintiffs invested be returned, along with damages.

CBS News Chicago has reached out to Ellington for comment. There had not been a response as of early Tuesday evening.

Ellington is currently barred from selling securities in Illinois.