Inside these posts: WexTrust Capital

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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.

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