Chicago Man Charged in $4.7 Million Ponzi Scheme
Funds that investors had deposited into the trading pool were alleged diverted into paying gambling debts, funding two nightclubs, Ponzi type payments to other investors and other living expenses.
Anthony A. Demasi, 34, of Chicago, operated several commodity trading pools, using the name Tsunami Capital, LLC. Demasi presented himself as the managing member of Tsunami.
Demasi alleged obtained 4.5 million from 27 investors between 2002 and April, 2007. He sold interests for at least $20,000. During that time, he paid about $1.9 million out to the investors. Ultimately, the investors lost about $2.8 million, just in principle; according to the indictment.
Anthony Demasi was charged with two counts of commodities fraud and three counts of wire fraud.
According to the indictment, Demasi allegedly used less than $1 million of the money from investors to trade in commodity futures contracts. Demasi allegedly used the rest of the money to pay earlier investors and for his own purposes.
Demasi allegedly misrepresented the profitabity of the trading pools he manages. He also caused other people to misrepresent how profitable the trading pools were. In fact, there was not time in which the trading pools were profitable, according to the statement in the FBI press release. As an example, Demasi made the claim that one of the pools had a 172 percent profit from January 2004 to May 2006. According to the charges, the pool was not profitable at all during that period.
Other misrepresentations that Demasi allegedly made a various times included that there was no risk to investors, the pools had no losing months, investors could not lose over three percent principle and their worst return for a quarter was one percent.
Demasi was allegedly aware that the trading pools operated by Tsunami lost money continually. He was also misappropriating the funds of the investors.
Assistant U.S. Attorney April Perry is representing the government.
If Demasi is convicted, he could receive a maximum penalty of 20 years imprisonment for each count of mail fraud. He could also be fined $250,000 for each count. Each count of commodities fraud can carry a sentence of 10 year prison time and a $1 million fine.
And indictment contains charges only and is not considered evidence of guilt.
Resources:
FBI: Chicago Businessman Charged with Defrauding Two Dozen Investors of $4.7 Million in Alleged "Ponzi" Scheme, Press Release dated February 27, 2009.
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Post a CommentIf you have suffered investment losses as a result of the fraud or negligence of your financial professional, the securities attorneys of The White Law Group may be able to help. For more information, visit http://www.whitesecuritieslaw.com.
Craig Gutowsky of 19 S. Mt Clair Court Cary, Illinois was charged in a Ponzi Scheme.
Info on the Arrest of Craig Gutowsky Cary, Illinois
PEOPLE OF THE STATE OF ILLINOIS -VS- Craig Gutowsky
Case Number 2010CF000225
Craig M Gutowsky was charged with 7 felonies by a Du Page County grand jury in January 2010 involving
THEFT BY DECEPTION WITH INTENT TO DEPRIVE – $100,000 -$500,000
and SECURITIES VIOLATION .
Renee Gutowsky was not yet charged in this Illinois Ponzi .Craig Gutowskys is out on $150,000 bond and is working selling cars at Elite Motors
822 N. Lake St.Mundelein IL, 60060 and can be reached for comment at 847-949-9933.
More info on the Ponzi scam of Craig Gutowsky and Kevin Carney.
Kevin G Carney resides at 1072 Cypress Lane, Elk
Grove Village, Illinois 60007.
847-949-9933
Individual Inmate Report
Jail I.D. # Inmate Full Name Date of Birth
2010-0409065 CARNEY, KEVIN 05/21/1961
Booked Date Housing Location Visiting Day / Time Bail Amount
04/09/2010 15-KK Call for Visit Info 500,000
Next Court Date Court House Location
06/24/2010 Criminal C
2600 South California Avenue
Chicago, Illinois 60608
Craig Gutowsky 847 489 2702
Craig Gutowsky resides at 19 S. Mont Clair Court, Cary Illinois 60013
6/2/2010 11:27:42 AM
Arrested for 7 Felonies January, 15, 2010 Du page County, Illinois
Case Details
Case Number 2010CF000225 Must Appear *
You have to appear in court on the next court date. Next Court Date 06-30-2010
File Date 01-28-2010 Next Court Location COURTROOM 4010
Case Title PEOPLE OF THE STATE OF ILLINOIS -VS- CRAIG GUTOWSKY Next Court Time 09:00 AM
Agency Office of the Attorney Ge Assigned Locati
The State of Illinois Office of the Attorney General has filed fraud charges against a Cary, Illinois truck driver who allegedly lured family and friends to invest allmost a million dollars into commodity trading pools. Craig M. Gutowsky , was charged with seven counts by a grand jury. Illinois States Attorney for the Northern District of Illinois, charges were posted ion the Du Page County , Illinois Court website.
Funds that investors had deposited with Gutowsky were alleged diverted into paying gambling debts, funding Play and trade franchises, Ponzi type payments to other investors and other living expenses. Gutowsky, out on a workmans comp injury claim , (his third )from his job as a truck driver at USF Holland, could be seen driving his luxury turbo charged Mercedes Benz or on the golf course in Cary, Illinois rather than at the desk assigned to Gutowsky while he was convalescing at the Wheeling , Illinois, freight carrier.
Craig M. Gutowsky 42, of Cary, Illinois, operated seve
Not another one??