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Heads of Winnetka Investment Firm Accused of Fraud

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Federal prosecutors have accused two men of allegedly operating a fraudulent investment firm out of North subruban Winnetka, Illinois. The attorneys say the men used millions of customers’ dollars for themselves.

Charles Martin and John Walsh were principals of One World Capital, according to the criminal complaint. The company was billed as a dealer in the foreign currency exchange market. But federal prosecutors say Martin and Walsh used investors’ dollars to fund their own lavish lifestyles. They allegedly spent millions of dollars at restaurants, hotels, and strip clubs. Assistant U.S. Attorney Joel Hammerman says the two defendants also repaid some old customers using money from new investors.

HAMMERMAN: They made certain representations and promises to customers that were false and misleading. And so they defrauded them in the process.

If convicted, the two men could face up to 20 years in prison for wire fraud. An attorney for One World Capital could not be reached for comment.

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