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updated: 10/27/2012 9:27 AM

Feds announce commodities fraud arrests

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Associated Press

CHICAGO -- Federal prosecutors in Chicago say they've charged two area residents with commodities fraud in separate cases.

In a news release, the U.S. Attorney's office says that 30-year-old Joshua Russo of Chicago allegedly fraudulently obtained $2.5 million from at least six customers while he was an investment firm officer and spent the money on vacations, gambling, theater tickets, meals and entertainment.

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In the other case, 32-year-old Nicole Graziano of Roselle is accused of manipulating trades while she worked as a clerk for a lean hogs futures trader to make more than $225,000 for herself.

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