CHICAGO (AP) - A suburban Chicago businessman has received a two-year prison sentence for defrauding an investor out of hundreds of thousands of dollars.
FBI spokesman Garrett Croon on Monday told the Daily Herald in Arlington Heights (https://bit.ly/2ldSzHI) that 39-year-old Sean Moran was sentenced last week after pleading guilty in September to wire fraud.
Moran was owner and president of Arlington Heights-based DCL Capital. Federal prosecutors asserted an investor provided $750,000 to Moran’s company in 2013 and 2014, but lost more than $600,000 due to fraud.
Prosecutors say Moran told the investor he would use his proprietary trading strategy to invest $225,000. Instead, Moran used the money for personal expenses, including paying down credit card debt.
Moran in 2014 also sent the investor a false account balance of $818,900 in principal and profit of $35,753, when only $126,000 of the investor’s money was left.
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Information from: Daily Herald, https://www.dailyherald.com
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