It sounds like he raised $11 million from investors and told them he was investing in high yielding payday loans. He used a portion of those funds to pay the same investors high dividends and used the rest to fund NextStep, CSW and to buy himself and his wife cars, jewelry and a $20K piano. The idea is to keep raising money from new investors and to use that money to keep paying dividends and funding the other businesses, which he owned and probably thought would work out. Problem is when the shit hit the fan in the markets and economy the money dried up...why he'd keep funding webio is anyone's guess as it was clearly a money pit with no near temr prospects. They say he stopped paying the dividends a few months ago so the investors must have been really nervous hearing he was funding webio crap when they weren't getting their dividends. I wouldn't be surprised if it was one of those investors that dropped the dime on him.

_________________
"I still think its a tremendous idea".
"It's my baby".

hope it all works out in the end webby.
you are one of the good guys...

_________________
@audioidkid

If he actually raised $11M this makes a lot more sense. I was under the impression that Hernandez fronted all of the cash for this. And it looks like those investors—like North—failed in their due diligence.

_________________
I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. -Susan B. Anthony

Is David Hernandez spanish for Bernie Madoff or Kevin Trudeau?!

_________________
http://www.benkowski.com/

Future con men are probably siding up to North right now at a local watering hole, buying him drinks and telling him about how he's gonna come back from this little setback even bigger than before.

_________________

Either that or opening their overcoats, revealing a large selection of "Rolex" watches for sale.

"Be dis ting'd cost over five Gs in a jewelry store. He only wants 80 bucks for it. See if one a da young guys has got a C note and we'll get it back to 'im sometime".

_________________
"I still think its a tremendous idea".
"It's my baby".

I am still blown away that North actually offered up the google background check info on conn, what idiot told him that was a good excuse. Kudos to webby, this is just a speed bump for him.

That's a good question, because both Bernie Madoff & Kevin Trudeau are three dollar bills...Kevin's infomercials have aired on local stations & cable networks for many years, featuring the infamous "Mega Memory" infomercial many years ago with former "Partridge Family" star turned radio/"reality" TV badboy Danny Bonaduce... I believe Kevin got busted by the Attorney General in Indiana(?) for false/misleading advertising practices and ended up having to pay a huge fine to stay out of the slammer. As for Bernie, he's probably the most hated man in New York, and pleaded guilty to a multimillion dollar Ponzi scam of his own last March.

They're gay?

_________________
I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. -Susan B. Anthony

Three dollar bills, Jalapenos...They're frauds, just like this David Hernandez character...

Isn't the expression "queer as a $3 bill" rather than "fraudulent as a $3 bill," Shark?

_________________
I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. -Susan B. Anthony

Jalapenos, those three stooges will be spending a lot of time behind bars, if not the rest of their lives for what they've done, especially if David Hernandez is to Chicago what Bernie Madoff is to New York.

Just smile and walk away Jalapenos.

_________________
Kid Cairo's Boers & Bernstein YouTube Channel

Kid Cairo: 2013 March Madness Tournament Winner!

"Cowabunga? Cowa fucking piece of dog shit! This game is diarrhea coming out of my dick!"

Hey Webby! Come out and play some basketball on June 27th with us in Westchester.

We'll all pitch in and cover you.

_________________

So, according to the pitch Mike gave him, North owned 30% of the deal. Interesting.

Thought I posted this last night, but I don't see it here. First off, I feel very sorry for Matt. Next, the Score still has his bio up:

http://www.670thescore.com/Matt-Weber/3593241

_________________
Hawaii (fuck) You

it's hard to feel sorry for ya webby when you followed a liar like north. after he put out dontfademe.com and said that it was his LIFELONG DREAM blah, blah.....and then basically lied about his record until people here actually called him out. some people don't want to see the truth even when it is right in front of there face. sure north told you hernandez was a great guy, but all you had to do was look at what a liar north is and then do your own investigating. the reason hernandez threw all these parties and the $500 checks at people was to cloud there concious and to take away the obvious, which was why would a guy who owns a medical staffing company advertise on a shitty cable sports show. how does advertising help a medical staffing show? it doesn't. the only way north could make up for his incredible stupidity would be for him to come in and say that he will cover everyone's salary and then go out himself and find sponsors and advertisers. will he? highly doubtful and johnkirk, please send your left nut to bebe and nort

_________________
Frank Coztansa wrote:
Please die in a fire.

Wow. Great point.



He's Blago crazy.

_________________

This is the thing that amazes me. So did North tell Webby in the presentation at North's house that he had a 30% stake in the company? Either North is so stupid he thinks that coming up with the name CSWebio is worth 30% or he flat out lied to Webby. I don't think North was in on the Ponzi scheme nor did he know he was getting conned but did he recruit everyone by telling them he had 30% of the webio. Maybe that's why no one else did background checks on DH.

Webby,

Good luck to you. Thanks for the insight; and even though things went terrible, it wasn't your actions that caused this mess. As much its the illegal actions of Hernandez; its also on the North's. They might not of WANTED this to happen, obviously; but because they vouched for a guy based on a really weak google search? It's on them, too.

Why did you take down your post Webby? North get to you?

He is taking the advice of so many and being quiet.

_________________
"He is a loathsome, offensive brute
--yet I can't look away."

nice avatar!

_________________
@audioidkid

Having worked for a medical staffing company, I completely agree with this statement.

Webby,
You were a rising producer/host on 670 The SCORE before the whole ChicagoSportsWebio fiasco, and it's awful what happened to you. Late last night, Jason Goff gave you some nice words during the "Man Time" segment and felt you'd resurface somewhere on the AM dial. Here's hoping you land new work real, real soon.