Man charged in Ponzi scheme to stay in jail

A Downers Grove businessman and Web site promoter accused of operating a $12 million Ponzi scheme won't be leaving jail any time soon.

David Hernandez waived a hearing on possible bond Monday.

Defense attorney John Meyer declined to say why. But Hernandez went on the lam for four days last month after prosecutors charged him with fraud, and they were opposing his release on bond.

Authorities contend Hernandez promised investors he would get them hefty returns but never actually made the investments.

Hernandez was key in launching Chicago Sports Webio, a now defunct Internet sports talk site.