Western Springs RIA Ran $2.9 Million Ponzi Scheme

Posted on May 9th, 2014 at 8:40 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Joseph Hennessy, a 53 years-old Western Springs, Illinois, RIA, has been charged with running a Ponzi scheme that defrauded at least 10 investors out of about $2.9 million over a five-year period.

Hennessy is the co-owner of the now-defunct Resource Planning Group Inc., which in 2007 started operating a private equity fund that claimed to invest in small Midwest businesses.

He convinced victims to invest more than $2.9 million in his fund by deceptively claiming that he could gain yields of up to 15 percent a year. However, he used money from new investors to repay principal and interest to existing investors. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

February 14, 2025
Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.

February 13, 2025
FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged
misconduct led the firm to incur significant settlement costs.

February 12, 2025
Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.