Mundelein man facing federal investor fraud charges

A 49-year-old Mundelein man is charged with wire fraud after federal prosecutors said the investment trader lied to clients about the value of his company's portfolio.

According to court records, prosecutors said Richard D. Carter told investors that his Lincolnshire-based firm held more than $6.1 million when in reality the account held just $9,000.

Carter was arrested Tuesday and had his bail amount set at $50,000. It's unclear if he's still in custody. His next court date has not been set. Carter faces up to 20 years in prison if convicted.