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A Chicago monetary advisor allegedly swindled her purchasers out of almost $1.5 million by convincing them to spend money on her film manufacturing firm, realizing she would as a substitute use that cash for her personal private profit.
Helen Grace Caldwell, 58, was charged in Chicago’s federal court docket Thursday with wire fraud. Her arraignment has not but been scheduled, however Caldwell was charged by means of a legal info, which is commonly used when a defendant intends to plead responsible.
Along with working as an advisor for CitiBank, Caldwell additionally launched Canal Productions LLC, an impartial movie manufacturing firm.
In response to federal prosecutors, between 2014 and 2023, Caldwell focused aged Citi purchasers, convincing them handy over a whole bunch of 1000’s of {dollars} by telling them their cash would assist fund movie productions and that they might share within the income from these films.
“The truth is, as defendant knew, these representations have been false,” prosecutors wrote within the info, “as a result of defendant supposed to misappropriate, and did misappropriate, these proceeds for private functions and since defendant knew that the Shopper Victims have been unlikely to obtain any return on their investments.”
Caldwell allegedly persuaded the victims to liquidate their different belongings in an effort to fund her purported film investments. She is accused of defrauding the victims out of roughly $1,480,500.
Prosecutors alleged three separate victims handed over $800,000, $355,000 and $325,500, respectively, however as a substitute of utilizing these funds on movie manufacturing, Caldwell transferred the cash into her personal financial institution accounts to make use of for her personal “private functions.”
In a single occasion, she allegedly instructed a movie producer that considered one of her purchasers had requested a refund. However prosecutors alleged that no refund was ever sought and Caldwell as a substitute supposed to maintain any cash given to her by the producer for herself.
In response to the Chicago Solar-Occasions, the Prepare dinner County public guardian’s workplace sued Caldwell and Citi final 12 months on comparable allegations. She was then barred by the U.S. Monetary Trade Regulatory Authority from working within the securities trade after she refused to testify throughout its investigation, the Chicago Solar-Occasions reported final August.
A Citi spokesperson didn’t instantly reply to a request for remark Friday.
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