Payday loan ponzi scheme

Federal regulators accused the owner of a Chicago sports website on Monday of running an $11 million Ponzi scheme.

The accused, David J. Hernandez, allegedly misrepresented the company as a successful business that invested in payday loan stores when in fact it was out of business. It also said he lied to investors when he said their investments were insured.

You can read the full aritlce in the Chicago Tribune.

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