News

2 sentenced for stealing millions in fraud scheme

Posted February 02, 2012 11:00 pm

Associated Press

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 12½ 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.

Article Comments

Article Categories
Business Chicago Communities Glencoe Lake Forest News Region

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.