Barrington man charged in alleged Ponzi scheme

Federal prosecutors in Chicago say they have charged a 51-year-old Barrington man with eight counts of mail fraud in an alleged Ponzi scheme that reportedly swindled more than 400 victims out of more than $105 million dollars.

The U.S. Attorney's office says the charges against Daniel Spitzer were included in a criminal indictment filed Thursday in U.S. District Court.

Assistant U.S. Attorney Madeleine Murphy says Spitzer is a former resident of the U.S. Virgin Islands, and was the principal officer and sole shareholder of a corporation based there called Kenzie Financial Management. She says he was also the president or manager of three other corporations in Illinois and Nevada, and used the four corporate entities to control 12 investment funds.

Murphy did not say whether Spitzer has an attorney.