An Illinois federal court has sentenced a Chicago man accused of running a Madoff-type scheme to nearly six years behind bars. After the fraudster conned investors of more than $1.7 million, prosecutors have called him the “Chicago Madoff” scammer.
Chicago Madoff Scammer Promised Returns
The Madoff scammer in question is 26-year-old Randall Rye who founded Chicago trading firm “Faster than Light Trading LLC.” Rye claimed that he had developed a trading algorithm guaranteed to produce high returns, but it was a scam. Prosecutors alleged that not only was there no algorithm, Rye also did not invest investor’s money. Instead, he spent investors’ money on expensive tickets to sporting events, trips to foreign locations, and lavish personal expenses.
In April 2017, Rye pled guilty, admitting that he defrauded about 20 investors between September 2015 and February 2017 – including his then-girlfriend’s father and other relatives. Rye was also ordered to pay back $1.7 million to his investors.
Do You Lose Money with Randall Rye?
If you have been a victim of a Ponzi scheme or are suspicious that your broker is not acting in your best interest, you may have certain legal rights that require your immediate attention.
Call an Investment Fraud Attorney Today
If you are looking for an attorney to review your rights and options, investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerages firms for their wrongful actions.