Hernandez: From Webio To Hospital To Court
David Hernandez to go before judge Monday morning
By PEGGY CASSIDY
Updated 1:19 PM CST, Tue, Jul 28, 2009
As the ultimate Ponzi schemer, Bernie Madoff was sentenced in New York, but Chicago's got its own alleged con man to deal with, and it sn't going to be pretty.
After disappearing when his Chicago sports Internet venture went bust, David Hernandez was arrested last Monday in a Normal, Ill., hotel room following a failed suicide attempt. He was taken into custody and transported to an area hospital for treatment of self-inflicted wounds.
Hernandez was released from the hospital today and was due to go before a U.S. District Court judge on mail fraud charges.
Hernandez had disappeared after federal authorities accused him in civil court of running a Ponzi scheme that bilked more than 100 investors out of $12 million.
The SEC accused Hernandez of diverting the millions he raised from investors for a purported pay-day loan business for personal expenses and to fund other ventures, including Chicago Sports Webio.
The highly-publicized Internet radio venture with Mike North collapsed. Payroll checks bounced. Hernandez didn't return calls. And Mike North started making noise in the media, calling Hernandez a con man.
Several others -- including his wife -- have stepped up in recent days to publically distance themselves from Hernandez, described at one point as being "intelligent, articulate, clean-cut" and polite.
Note to self: Steer clear of nice guys offering big returns.
First Published: Jun 29, 2009 10:32 AM CST
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