Illinois Investment Firm Owner Sentenced to Five Years for Ponzi-Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
Stephen C. Browere, 57, of Geneva, Illinois, has been sentenced to five years in federal prison for using client money to purchase luxury items and to trade his own stock. The court also ordered Browere to pay $3.7 million in restitution to the victims.
Browere owned Stephens Capital Management Inc., in Geneva, Illinois. The fraud stems from Browere’s promise to his clients that they would receive high returns by purchasing $1.66 million in promissory notes in Douglas Capital Corp., located in Lisle, Illinois. Browere misled his investors by not informing them that his relative was the president of Douglas Capital and that he ran Douglas Capital's day-to-day operations.
Browere’s scheme began around 2007 and ended in 2014. Browere deceived his clients by hiding the fraud and using principal payments from some investors to make interest payments to others in a Ponzi-like fashion.
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Related Attorneys: James J. Eccleston
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