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West Dundee man indicted in business fraud scheme

Two men, including one from West Dundee, have been indicted on federal fraud charges alleging they bilked 125 business owners nationwide out of $2 million over three years.

Prosecutors accuse the men of misrepresenting the company's finances to defraud business owners out of invested "advance fees" that were expected to help finance the creation of new, small business operations.

Federal prosecutors said Alberto B. Colon, 46, of West Dundee, and a Virginia attorney named Artemio Rivera, 56, are facing an array of fraud charges involving their defunct Hoffman Estates real estate business.

Prosecutors said the two men used the money they received for "personal purposes" instead of starting new companies.

Both men face up to 20 years in prison if convicted.

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