2 sentenced for stealing millions in fraud scheme
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Two suburban men have been sentenced to prison for stealing millions of dollars from their now-defunct foreign currency trading company.
Forty-six-year-old Charles Martin, formerly of Glencoe, and 63-year-old John Walsh of Lake Forest pleaded guilty in May to wire and commodities fraud and tax evasion in the theft of $17 million from One World Capital Group LLC. Prosecutors say the Ponzi-like scheme supported the lavish lifestyles the two were leading.
According to U.S. attorney’s spokesman Randall Samborn, Martin was sentenced Thursday to 17 years in prison. Walsh was sentenced Wednesday to 12˝ years in prison.
Although Martin and Walsh marketed over-the-counter foreign currency trading services, prosecutors said One World’s trading platform operated as a front to placate customers whose margin funds were being systematically misappropriated.
