Bradley Schiller, a one-time Chicago commodities trader, is accused of running a Ponzi scheme leading to the loss of $5 million.
Between 2007 and 2012, Schiller, 37, raised $10 million from sources including the PrivateBank and Trust Co., then used some of that money to pay for personal and family expenses including a Range Rover sport utility vehicle, country club fees and housing rental fees for his mother-in-law, acting U.S. Attorney Gary S. Shapiro of Chicago said today in a statement.
Schiller “concealed the scheme by making Ponzi-type payments to victims and by creating and distributing fraudulent documents,” Shapiro said.
The former trader faces three counts of wire fraud, according to a charging document filed by prosecutors today at the U.S. court in Chicago.
The charge of wire fraud affecting a financial institution is punishable by as long as 30 years imprisonment. No arraignment date has been set.
Schiller’s lawyer, Jeffrey Schulman of Chicago, declined to comment on the allegations.
The case is U.S. v. Schiller, U.S. District Court, Northern District of Illinois (Chicago).