Wilmette Man Accused of Wire Fraud

A Wilmette man faces federal wire fraud charges in relation to an accusation he defrauded clients out of at least $1 million in investment funds while managing millions through his home-based company.

Alan Gold, 60 was arrested at home Monday by FBI agents who executed a search warrant of the residence. He was released on a $10,000 recognizance bond after appearing before U.S. Magistrate Judge Jeffrey Gilbert.

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According to a complaint, Gold engaged in a scheme to defraud his clients of Alan Gold & Associates for at least five years through false statements. Gold allegedly sent account statements to clients falsely representing that their assets were invested in certain stocks, real estate funds, futures contracts, and other investment products, when he had actually spent those client funds on his own personal expenses.

“Gold did not purchase securities and futures contracts for his clients, but allegedly spent the funds on gambling expenses at area casinos and personal living expenses,” according to the complaint. “Gold allegedly continued to wire transfer funds from client accounts for at least five years using the same false statements and representations to clients.”

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The scheme was exposed when Gold stopped returning client phone calls and a client reported the matter to law enforcement.

If convicted of wire fraud, Gold could be sentenced to a maximum term of imprisonment of 20 years and a $250,000 maximum fine. He is due back in court on June 15 for a status hearing.

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