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updated: 4/25/2014 3:05 PM

Suburban man charged with investment fraud

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Daily Herald report

A Western Springs man has been indicted on federal fraud charges after prosecutors accused him of defrauding at least 10 investors out of nearly $3 million.

Joseph Hennessy, 53, co-owned and ran the now-shuttered Resource Planning Group, Inc., and used the company to run a Ponzi-type scheme between 2007 and 2012, federal prosecutors said.

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Prosecutors say Hennessy is accused of operating a private equity fund that purported to invest in small- and medium-sized businesses based in the Midwest, but lied to investors about the success of the fund and used some of the money from newer investors to pay principal and interest to earlier investors.

The indictment also seeks forfeiture of at least $2.9 million in alleged fraud proceeds, according to court records.

Hennessy faces up to 20 years in prison if convicted.

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