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

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