MADISON, WIS. (WBBM NEWSRADIO) - An Illinois financial advisor was sentenced last week for investment fraud and filing a false tax return.
David Swartz, 59, of Highland Park was sentenced to two years in federal prison for wire fraud and assisting in the preparation of a false tax return.
Swartz pleaded guilty to these charges on April 1.
As part of his sentence, Swartz was ordered to pay over $181,000 in restitution to an unnamed victim, a Madison, Wisconsin resident, according to court documents.
Prosecutors said Swartz worked as an unregistered investment advisor and fund manager and multiple times lied to the client about the true value of the fund and coaxed them into investing an additional $150,000.
At one point, Swartz told the victim their investment fund reached over $1 million, however, the actual value of the fund was $58.
The IRS Criminal Investigation team ultimately discovered that Swartz had falsified tax returns.
Listen to WBBM Newsradio now on Audacy!
Sign up and follow WBBM Newsradio
Facebook | Twitter | Instagram | TikTok