Elmhurst man charged with running Ponzi scheme
Elmhurst Press
Thu Oct 29, 2009, 05:57 PM CDT
Elmhurst, IL -
Federal investigators have charged an Elmhurst man with mail fraud after he allegedly operated a Ponzi scheme that received $28 million in investments toward a company promising to rebuild and resell printers that never existed.
Matthew Scott, 50, of the 200 block of Willow Road in Elmhurst, operated Northlake-based Gelsco, Inc., a company that promised investors interest rates between 12 and 50 percent that never materialized.
According to a press release from the U.S. Attorney’s Office, Scott’s 60 or more investors lost at least $4.5 million.
Scott faces up to 20 years in prison and a $250,000 fine if convicted. According to the release, Scott could be fined double what he made in the scheme.
An arraignment date for Scott has not been scheduled yet.
The U.S. Attorney’s Office declined comment.
This story will be updated.
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