April 8, 2019
Federal Court Orders Illinois Business Owner to Pay $1,439,678, in Restitution, Serve 5 Years in Prison for Fraud Involving Investors’ Savings
CHICAGO, IL – The U.S. District Court for the Northern District of Illinois has sentenced Lake County, Illinois-based business owner Richard Booy, to serve five years imprisonment followed by an additional three years of supervised release, and to make $1,439,678 million in restitution for defrauding his clients in a Ponzi-type scheme totaling approximately $2 million. As a result of the the March 18, 2019 sentencing, Booy is statutorily barred from serving as a fiduciary under the Employee Retirement Income Security Act (ERISA).