A financial wizard’s spell was finally broken after prosecutors claim to have caught him swindling at least $500,000 from women he encountered through online dating websites.
Chicago investment manager Marcus Beam allegedly told victims their money would be invested in gold, real estate and art, along with stock in companies such as Uber and Lyft — all while touting his own, albeit exaggerated, financial success.
Instead, prosecutors said Beam spent the money on auto loans, rent and retail at places like Walmart and Ikea. He would then attempt to appease investors by giving them false statements detailing why they couldn’t be paid back.
The alleged scheme began in 2015 and kept going until October of last year. In addition to the individuals Beam met online, a former employee and one family member were also referenced by prosecutors.
In total, at least $500,000 was lost in the scheme.
According to the indictment, Beam, 49, represented himself as the owner of a Chicago investment company known under two names — Chase Private Equity LLC and New World Capital LLC.
Prosecutors also link him to Imex Energy Inc., a Bolingbrook company that claimed to sell “retail electricity for third parties,” and virtual reality company VR 360 LLC in Naperville.
Beam was charged with nine counts of wire fraud, and one count of mail fraud. If convicted, each count is punishable by up to 20 years in prison.