Cases by state
Ponzi schemes in Illinois
50 cases announced 2003–2026, involving about $1B in reported investor money. Most common types: investment funds & advisory, trading, forex & commodities and real estate. Listed by where the main defendant was based.
The largest by reported amount: Steven Byers, Joseph Shereshevsky (aka Joseph Heller, "Josie") ($255M, 2008). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “double their money”
- “iron condor”
- “purchasing oil wells”
- “high returns within short periods of time”
- “annual rates of return exceeding 100 percent”
- “annual returns of 336 percent”
- “proprietary trading strategies”
- “raised over $2 billion within 60 days”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Jun 8, 2026 | Sterling Capital Investments LLC, Sterling Capital Management LLC John Sterling Myers |
Chicago, IL | Trading, forex & commodities | $4M |
| Jul 22, 2025 | Ronald Pallek | McHenry, IL | Real estate | $1.6M |
| Mar 17, 2025 | Elite Wealth Partners LLC, EWP Permian Basin Fund II LLC Cory J. Dawkins |
IL | Energy & alternative assets | $2.4M |
| Feb 6, 2024 | IOLO Capital Alan John Hanke |
Crystal Lake, IL | Investment funds & advisory | $8M |
| May 11, 2023 | Tyche Asset Management Phillip Galles |
Chicago, IL | Trading, forex & commodities | $2M |
| May 4, 2021 | Financial Assurance Corp, Affluent Advisory Group LLC Darayl Davis |
Chicago, IL | Insurance-linked | $5.1M |
| Jan 14, 2020 | Todays Growth Consultant Inc. (The Income Store) Kenneth D. Courtright III |
IL | Real estate | $75M |
| Dec 16, 2019 | Chartwell Strategies Robert Walberg |
Arlington Heights, IL | Investment funds & advisory | $5.5M |
| Sep 20, 2019 | Zvi Feiner, Erez Baver | Chicago, IL | Investment funds & advisory | $10M |
| Sep 5, 2019 | Glenn C. Mueller | Chicago, IL | Real estate | $41M |
| Dec 21, 2018 | Labra Group Realtors LLC Michelle Labra |
Yorkville, IL | Lending & cash advance | $23M |
| Oct 10, 2018 | Lucita Zamoras | Chicago, IL | Investment funds & advisory | $2.5M |
| Aug 20, 2018 | Equitybuild Inc., Equitybuild Finance LLC Jerome H. Cohen, Shaun D. Cohen |
Chicago, IL | Real estate | $135M |
| Nov 15, 2017 | Daniel H. Glick | Chicago, IL | Investment funds & advisory | $5.2M |
| Mar 16, 2017 | Faster Than Light Trading LLC Randall Rye |
Chicago, IL | Trading, forex & commodities | $1.5M |
| Dec 22, 2016 | Principal Financial Strategies LLC, Safe Financial Strategies Inc. Richard K. Booy |
Vernon Hills, IL | Investment funds & advisory | $1M |
| Sep 18, 2015 | Stephens Capital Management Inc, Douglas Capital Corp Stephen C. Browere |
Geneva, IL | Investment funds & advisory | $3.9M |
| Aug 25, 2015 | Devon Street Investments Ltd, Reliant Management Albert Rossini, Babajan Khoshabe, Anthony Khoshabe, Thomas Murphy |
Skokie, IL | Real estate | $2.9M |
| May 29, 2014 | Neal V. Goyal | Chicago, IL | Trading, forex & commodities | $11.4M |
| Apr 25, 2014 | Resource Planning Group Inc, Midwest Opportunity Fund Joseph Hennessy |
Western Springs, IL | Investment funds & advisory | $2.9M |
| Oct 25, 2013 | Malarz Equity Investments LLC Marcin Malarz, Arthur Lin |
Lake Forest, IL | Real estate | $9M |
| Dec 20, 2012 | Commercial Mortgage and Finance Co. Anthony F. D'Agostino |
Rockford, IL | Real estate | $20M |
| Sep 6, 2012 | Destiny's Partners Inc. James Pantazelos |
Rockford, IL | Trading, forex & commodities | $4.3M |
| Jun 6, 2012 | Gold Coast Futures & Forex Christopher Varlesi |
Chicago, IL | Trading, forex & commodities | $1.4M |
| May 24, 2012 | Bradley Scott Schiller | Chicago, IL | Trading, forex & commodities | $7.8M |
| Jul 15, 2011 | First Capital Savings & Loan Ltd. Jeffery A. Lowrance |
IL | Trading, forex & commodities | $21M |
| May 18, 2011 | Financial Services Moskop and Associates Inc. Edward Lynn Moskop |
Belleville, IL | Investment funds & advisory | $2.4M |
| May 10, 2011 | Michael Franks LLC Michael Morawski, Frank Constant |
Sleepy Hollow, IL | Real estate | $16M |
| Feb 25, 2011 | Panoptic Studios Inc, Panoptic Corporation Paul Joseph Cirigliano (aka Paul Cirano) |
Wauconda, IL | Investment funds & advisory | $1.8M |
| Feb 10, 2011 | Financial Update Inc Algird M. Norkus |
Sugar Grove, IL | Investment funds & advisory | $9M |
| Dec 10, 2010 | Kent R.E. Whitney | Chicago, IL | Trading, forex & commodities | $600,000 |
| Nov 17, 2010 | InvestForClosures Financial LLC, InvestForClosures Ventures LLC Francis X. Sanchez, James D. Bourassa |
Woodstock, IL | Real estate | $7M |
| Oct 7, 2010 | Rosand Enterprises Inc Robert R. Anderson |
Mt. Prospect, IL | Investment funds & advisory | $12M |
| Aug 17, 2010 | LEAP Fund, Dawson Trading LLC Joseph A. Dawson |
Fox Lake, IL | Trading, forex & commodities | $3.7M |
| Apr 27, 2010 | James U. Dodge | Springfield, IL | Lending & cash advance | $5.1M |
| Mar 10, 2010 | USA Retirement Management Services John T. Burns III, Robert C. Pribilski, Mahmut Erhan Durmaz (aka Francois E. Durmaz) |
Naperville, IL | Investment funds & advisory | $28M |
| Jan 25, 2010 | Sundown Entertainment Inc Daniel J. Parrilli, Christopher R. Andersen |
Carol Stream, IL | Real estate | $4M |
| Jan 8, 2010 | Results One Financial LLC Steven W. Salutric |
Carol Stream, IL | Investment funds & advisory | $2M |
| Jan 6, 2010 | Vesta Strategies John D. Terzakis, Estupinian |
Hinsdale, IL | Investment funds & advisory | $25M |
| Dec 2, 2009 | Canopy Financial Inc Jeremy J. Blackburn, Anthony T. Banas |
Chicago, IL | Investment funds & advisory | $75M |
| Oct 29, 2009 | Gelsco Inc Matthew Scott |
Elmhurst, IL | Investment funds & advisory | $28M |
| Sep 29, 2009 | William A. Huber | Decatur, IL | Trading, forex & commodities | $15M |
| Jul 23, 2009 | Forrest Properties Inc Forrest David Laidley |
Libertyville, IL | Real estate | $10M |
| Jul 22, 2009 | Frank A. Castaldi | Prospect Heights, IL | Investment funds & advisory | $77M |
| Jul 10, 2009 | NextStep Financial Services Inc David J. Hernandez |
Downers Grove, IL | Lending & cash advance | $12M |
| Feb 27, 2009 | Tsunami Capital LLC Anthony A. Demasi |
Chicago, IL | Trading, forex & commodities | $4.7M |
| Feb 3, 2009 | Rate Search Inc, Clayton Analytical Services Inc Scott E. Luster |
Belleville, IL | Investment funds & advisory | $4.5M |
| Jan 7, 2009 | One World Capital Group LLC Charles G. Martin, John E. Walsh |
Glencoe, IL | Trading, forex & commodities | $15M |
| Aug 11, 2008 | Steven Byers, Joseph Shereshevsky (aka Joseph Heller, "Josie") | Chicago, IL | Real estate | $255M |
| Feb 27, 2003 | MacQueen Capital Management, Dividend Reinvestment Fund LLC Kenneth B. MacQueen |
Orland Park, IL | Investment funds & advisory | $1.4M |