Businessman Charged in Big Money Ponzi Scheme

Suburban man allegedly frauded hundreds over two decades

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    NEWSLETTERS

    A suburban businessman is accused of swindling millions of dollars from people in a Ponzie scheme.

    A 55-year-old suburban Chicago businessman faces fraud charges in an alleged multimillion-dollar Ponzi scheme that stretched over two decades. 

      Frank A. Castaldi of Prospect Heights was charged with mail fraud Friday in a federal criminal complaint.
      
    According to the complaint, about 200 to 300 investors were allegedly swindled in the scheme that began in the early 1980s. The U.S. attorney's offices says the estimated losses are in the tens of millions of dollars.
      
    Castaldi allegedly promised investors up to 15 percent annual interest rates on promissory notes he sold.
      
    A home phone listing for Castaldi couldn't be located and it was unclear if he had an attorney.
      
    A message left after hours Friday at a business listing wasn't immediately returned.