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Illinois Broker Accused Of Running $10 Million Ponzi Scheme

Targeted Hispanic investors, state charges

July 12, 2009

"Our office is committed to protecting the financial safety of Illinoisans," said Madigan. "It is imperative that we expose and penalize criminals who would seek to destroy the livelihood of so many hard-working members of our community."

According to the indictment, Raul Marrero, 37, advertised fabricated investment opportunities, including real estate ventures involving commercial strip malls, on Spanish language radio shows.

Beginning in 2005 and continuing until at least January 2008, Marrero allegedly solicited more than $10 million through his three Oak Brook Terrace, Ill.-based companies, Reeden Capital Group, Multi-Family Three LLC, and Reeden Real Estate. Marrero allegedly used the investment funds to pay off other investors and cover business and personal expenses.

He also allegedly secured an estimated $1.9 million for his own personal profit.

The grand jury indicted Marrero on five counts of theft of over $100,000, a Class One felony, three counts of theft of over $10,000, a Class Two felony, and nine counts of securities fraud, a Class Two felony.

The highest charge, Class One felony theft, carries a maximum penalty of 15 years served in the Illinois Department of Corrections.

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