RAOUL: COOK COUNTY MAN SENTENCED TO PRISON FOR STEALING MORE THAN $240,000 IN REAL ESTATE SCAM
Chicago — Attorney General Kwame Raoul today announced a Cook County man has been sentenced to seven years in prison after pretending to be a real estate investor to steal approximately $246,000 from victims.
Arturo Segura, 41, of Chicago, Ill., pleaded guilty to one count of theft and one count of securities fraud. Cook County Circuit Court Judge William Raines sentenced Segura to seven years in prison for theft and five years in prison for securities fraud, to be served concurrently. Segura was also ordered to pay restitution for the $246,000 stolen as part of his scam.
“The defendant is a con man who took advantage of unknowing investors for personal profit,” Raoul said. “I am committed to continuing to hold him and other individuals accountable who believe they can defraud investors for personal gain.”
From May 2013 to February 2017, Segura claimed to be a real estate investor with Blackhearts Investments to take approximately $246,000 from three victims. Segura promised victims he would invest their money in a particular property. However, he instead spent the investment money on his own personal expenses.
The Attorney General’s office prosecuted the case based on a referral by the Illinois Secretary of State’s Securities Department.
“My office is committed to punishing unscrupulous individuals who perpetrate investment scams,” Illinois Secretary of State Jesse White said. “I applaud Attorney General Raoul’s office for prosecuting this case and showing that financial fraud will not be tolerated.”
The Attorney General’s office previously charged Segura in 2011 for similar conduct following an investigation by the Illinois Secretary of State’s office. In 2012, he pleaded guilty to misdemeanor theft and received six months of conditional discharge in exchange for paying $56,000 in restitution to three victims of that scam.
Individuals who believe they are the victims of an investment scam should contact the Attorney General’s Office at 1-312-814-3000 or the Secretary of State Securities Department at 1-800-628-7937.
Assistant Attorney General Regina Jeon handled the case for Raoul’s Special Prosecutions Bureau.