Crime & Safety
Arlington Heights Trading Company Head Sentenced To 2 Years After Losing $600K of Client's Investments
Sean Moran, 39, pleaded guilty to wire fraud last year. He also used funds from a client's investment to pay for personal expenses.
CHICAGO, IL — The head of an Arlington Heights-based trading company was sentenced to two years in prison Thursday after he admitted lying to an investor about how he managed his funds and using the client's money for personal expenses, the Chicago Sun-Times reports.
Sean Moran, 39, of Arlington Heights, pleaded guilty to wire fraud last September, the report stated. He was the owner and president of DCL Capital, Inc., the report added.
According to prosecutors, Moran lost around $600,000 of one client's $750,000 investments over the span of about a year, the report stated. When the client gave Moran $225,000 to invest in November of 2013, Moran instead funneled the money to himself and used it on personal expenses, such as paying down a large credit card bill, the report added.
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Over the year, Moran created false account statements for the investor that indicated he was generating the profit when, in fact, Moran's trading and misappropriation had caused huge losses, according to the report.
Find out what's happening in Arlington Heightsfor free with the latest updates from Patch.
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