Webio co-founder David Hernandez indicted for Ponzi scheme
July 10, 2009
BY NATASHA KORECKI Federal Courts Reporter

A federal grand jury has indicted businessman and alleged Ponzi schemer David J. Hernandez on charges that he scammed nearly 300 people out of $12 million.

Hernandez, who co-founded the now-defunct ChicagoSportsWebio.com, with popular broadcaster Mike North, allegedly carried out the scheme through his business, NextStep Financial Services, Inc., and several related companies.

Hernandez recently went on the lam and was found in Peoria. He was taken into federal custody after he was released from the hospital following a drug-induced suicide attempt, authorities said.

Hernandez faces four counts of mail fraud after prosecutors say he misled investors, promising them 10 to 16 percent returns on investments he never made, according to the indictment.

Hernandez also allegedly told investors their principal was protected through insurance — but it wasn’t, prosecutors say.

Hernandez is also accused of converting money from his investors for his own benefit, including to make "interest" payments to other NextStep investors, according to court papers.

The government wants to seize $3.5 million and two luxury automobiles from Hernandez, including a 2009 Audi and a 2007 Mercedes Benz ML350.

Hernandez 48, was reported missing June 15, just before federal charges were announced. He's also accused in a civil lawsuit filed by the U.S. Securities and Exchange Commission of bilking more than 100 investors out of nearly $12 million.

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sugatsune. boricuabutch.

I am a little disappointed that north's name isn't in the article.

re-read it then, and you won't be disappointed.

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"Play until it hurts, then play until it hurts to not play."
http://soundcloud.com/darkside124 HOF 2013, MM Champion 2014

The reporter messed up a few things.

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"It's not exactly a rocket surgery." D.J.

just says he "co-founded" CSW, I was hoping he was included in the indictment

I'm a little disappointed that they described North as popular.

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Does your cat make too much noise? Try KITTEN MITTENS!


Charlie: Oh shit. Look at that door dude. See that door right there? That door marked 'Pirate'? You think a pirate lives in there?
Dennis: I see a door marked 'Private.'

Nice zinger.....

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Why does seemingly every reporter have to kiss North's ass? Even in a basic, boilerplate story like this about the indictment, North has to be called 'popular'?

Popular? Does anybody besides us here know of his track record lately?

Very disappointed they said that!

He's up +5800 units at Arlington this year.

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"All crowds boycotting football games shouldn't care who sings or takes a knee because they aren't watching." - Nas

North may have had to testify in front of the Federal Grand Jury to help secure the indictment.

Those proceedings are not public.

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There goes one over the fence..Tru Link Fence..Beauty, Privacy Security....Call Tru Link.
Murph's Union 76 Truck Stop....A great Thanksgiving Tradition!!!!

WOO LIFE!!!!

Has anyone seen North on South Dearborn lately?
Anywhere near the Federal Courthouse????
How about BeBe?

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There goes one over the fence..Tru Link Fence..Beauty, Privacy Security....Call Tru Link.
Murph's Union 76 Truck Stop....A great Thanksgiving Tradition!!!!

WOO LIFE!!!!

Hopefully, if he did testify he did his normal and lied. How great would that be?

Now we are talking a bus trip provided by the G.

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There goes one over the fence..Tru Link Fence..Beauty, Privacy Security....Call Tru Link.
Murph's Union 76 Truck Stop....A great Thanksgiving Tradition!!!!

WOO LIFE!!!!

Peoria...Normal. Illinois cornfield wasteland with a University. same difference...

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@audioidkid

Has a bond been set?

North, BeBe and Coppock are out raising that capital right now!!!!!!

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There goes one over the fence..Tru Link Fence..Beauty, Privacy Security....Call Tru Link.
Murph's Union 76 Truck Stop....A great Thanksgiving Tradition!!!!

WOO LIFE!!!!

Amazingly,bond was set at 2300 dollars.

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favrefan said:"Chris Coghlan isn't gonna pay your rent, Jimmy."