Elk Grove Man Indicted in Ponzi Scheme

An Elk Grove Village man held in the DuPage County Jail is accused of bilking more than $3 million from dozens of would-be investors.

Bond was set Wednesday at $2 million for 48-year-old Kevin Carney, who is charged with theft by deception, theft by unauthorized control, securities, wire and mail fraud and selling securities without registering.

In an indictment issued Tuesday, Carney was accused of promising his investors they would make a profit of 15 to 20 percent through his stock trading software program. In reality, authorities allege, he was able to steal millions from January 2007 to Oct. 9, 2008.

"It's completely life altering," one victim told the Daily Herald. Right now I owe the federal government $148,000 because I cashed in my IRA. I owe penalties and interest."

The indictment identifies 31 individuals, including some couples, who lost between $10,000 and near $785,000.

Carney has a clean criminal history, his attorney said. The defendant has been married 17 years and has a 13-year-old daughter. He grew up in Granite City and is a lifelong Illinois resident.