A co-founder of Chicago-based Canopy Financial pleaded guilty today of defrauding investors and clients of more than $93 million, according to a statement from the U.S. Department of Justice.

Jeremy Blackburn, 37, of Bolingbrook, pleaded guilty to one count of wire fraud in U.S. District Court. Blackburn, a former president and chief operating officer of Canopy, admitted participating in a scheme to bilk investors out of $75 million and siphoning funds in excess of $18 million, from 1,600 customer accounts that were intended for medical expenses. Get the full story »