The former chief executive of Chicago-based private-equity firm WexTrust Capital LLC was sentenced to more than 13 years in prison a year after pleading guilty last year to a fraud that cost investors $9.2 million. Get the full story »
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Chicago Ponzi schemer pleads guilty to fraud
Associated Press | The former president of a Chicago-based private equity firm has pleaded guilty to conspiracy and securities fraud, admitting he misspent millions of dollars in investor money.
Steven Byers, the former head of WexTrust Capital, entered the guilty plea in federal court in Manhattan Tuesday. He agreed that millions of dollars raised from investors since at least 2003 was not used as promised.
