A federal trial is set to begin in Rockford for a one-time CEO who is accused of running a Ponzi scheme that authorities say cost investors 20 million dollars.
According to the Rockford Register Star Anthony D-Agostino's trial is set to begin today. D'Agostino bought Commercial Mortgage & Finance in 1997.
He was charged with mail, wire and securities fraud in December. Prosecutors say the business lost every year it was operated by D'Agostino and that he lied about the health of the company in order to get new investors. D'Agostino's attorney, Scott Lassar says the firm went under because of a "run on the bank" during the Great Recession.
In 2008 the company collapsed and had 1,400 investors who authorities say were owed more than 63 million dollars.
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