Attorney: DuPage man accused in Ponzi scheme to plead guilty

The lawyer for a Downers Grove man accused of cheating hundreds of investors in a Ponzi scheme says his client will plead guilty.

Attorney John Meyer on Tuesday said David Hernandez may enter his plea at his next court date on Jan. 20. He says the specific charge has yet to be negotiated with federal prosecutors in Chicago, but he says substantial prison time is likely.

Hernandez is accused of swindling 290 investors in his Next Step Financial Services out of $3.5 million, promising returns of 10 percent to 16 percent.

Early this year, he and Chicago sports personality Mike North launched ChicagoSportsWebio.com -- a now defunct online radio show with North as host.

<div class="infoBox"> <h1>More Coverage</h1> <div class="infoBoxContent"> <div class="infoArea"> <h2>Stories</h2> <ul class="links"> <li><a href="/story/?id=306087">Downers Grove man indicted in Ponzi scheme <span class="date">[07/10/09]</span></a></li> </ul> </div> </div> </div>