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David J. Hernandez, 48, of Downers Grove, Ill., allegedly used his investment firm, NextStep Financial, to lure investors into contributing millions. Hernandez assured investors that the money was insured, and would be invested into pay-day loan businesses that Hernandez owned. In its indictment, the FBI says Hernandez had no such insurance, and didn't even own such a business.
In his plea in a Chicago courthouse Wednesday, Hernadez noted that he has retained a defense attorney who specializes in plea bargains. He is being held without bond.
Hernandez gained notoriety in Chicago with the launch of Chicago Sports Webio, an internet radio business that he launched with local broadcaster Mike North. That company folded in June, after Hernandez was first investigated by the Securities and Exchange Commission.
Hernadez was arrest June 22 at a hotel in Normal, Ill., after what is believed to have been a suicide attempt. He was taken to an area hospital for treatment of "unspecified injuries," according to police. In court Wednesday, he wore a heavy bandage over one wrist and arm.
Chris Kramer
http://www.totalcriminaldefense.com
Posted July 17th, 2009 by Armen Hareyan
