Investment adviser accused of defrauding investors

May 3, 2012

Associated Press

A Chicago financial investment adviser is charged with fraud in connection with the misappropriation of about $1.5 million.

Federal prosecutors say Dimitry Vishnevetsky was indicted Wednesday for allegedly luring investors through his Hodges Trading and Oxford Capital with fraudulent trading results that showed annual profits as high as 36 percent. The alleged activity took place between September 2006 and March 2012.

Court records indicate Vishnevetsky raised $1.7 million with the scheme, using the bulk of it to make mortgage and car payments, take vacations, dine out, and cover athletic club dues.

Vishnevetsky is also accused of making false statements to Merrill Lynch Bank & Trust about his income and assets. As a result the bank issued and later modified two loans worth nearly $520,000 and used to buy a condominium.