Wednesday, July 27, 2005

Using Political Connections for Ponzi Scheme

Frank Devine entered a guilty plea to conducting a ponzi scheme that defrauded investors of over $4 million.  Devine was a Kendall County -- in the Chicagoland area -- Republican precinct leader who impressed investors with his political connections, including giving one person a tour of Speak of the House Dennis Hastert's office in order to induce an additional $100,000 investment in the scam.  Rep. Hastert's office knew nothing about Devine's scheme. A Chicago Tribune article (here) discusses the guilty plea. (ph)

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