Manhunt on for Mike North backer charged with fraud

The FBI is coordinating a nationwide manhunt for David Hernandez, sports commentator Mike North's financial backer, who was charged with mail fraud Wednesday on accusations he ripped off investors in NextStep Financial Services.

The FBI also executed a search warrant at NextStep's offices in Chicago Friday.

Hernandez's wife reported him missing from his Downers Grove home Monday night, after he was accused of similar actions in a civil suit by the federal Securities and Exchange Commission.

The SEC alleged Hernandez promised high returns on investments while diverting money for himself and other uses, including helping to finance ChicagoSportsWebio.com, an Internet radio channel affiliated with sports talk show host Mike North.

He raised $11 million from investors in 12 states.

The criminal complaint discloses that Hernandez, 48, pleaded guilty to wire fraud in Chicago in 1998 at Columbia National Bank, and was sentenced to 34 months in prison, five years' supervision, and ordered to pay restitution of $724,000.

<div class="infoBox"> <h1>More Coverage</h1> <div class="infoBoxContent"> <div class="infoArea"> <h2>Stories</h2> <ul class="links"> <li><a href="/story/?id=300990">Downers Grove man named in SEC lawsuit missing <span class="date">[06/17/09]</span></a></li> <li><a href="/story/?id=300739">North's Internet money backer faces SEC charges <span class="date">[06/16/09]</span></a></li> </ul> <h2>Related documents</h2> <ul class="morePdf"> <li><a href="/pdf/hernandez.pdf">Full text of criminal complaint</a></li> </ul> </div> </div> </div>