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Arlington Heights Man Sentenced After Pleading Guilty to Defrauding Investor Out of $600K

Mon February 13 2017 6:22 pm  http://www.arlingtoncardinal.com/?p=82107
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An Arlington Heights businessman has been sentenced to two years in prison after pleading guilty to defrauding an investor out of about $600,000, according federal prosecutors.

Sean Moran, 39, former owner and president of Arlington Heights-based DCL Capital, was sentenced last Thursday after pleading guilty to wire fraud on Sept. 14, 2016, FBI spokesman Garrett Croon said.

According to a federal prosecutor’s court filing, an investor provided $750,000 to Moran’s company in 2013 and 2014, but Moran’s “fraudulent scheme” caused the investor to lose more than $600,000.

Moran was accused of using an interstate wire transfer to move money from his client’s BMO Harris Bank account to his own JP Morgan Chase account in the fraudulent scheme.

In November 2013, Moran told the investor he would use his proprietary trading strategy to invest $225,000, according to federal prosecutors. Instead, Moran used the money for personal expenses, including paying down credit card debt, prosecutors said.

Some of the clients funds were invested, but the investments resulted in substantial losses, according to court documents.

Federal prosecutors say Moran told the client his money was generating positive returns from trading activity, and also sent the client several fraudulent account statements, including a statement in December 2014 that showed a false account balance of $818,900 in principal and a year-to-date profit of $35,753. The actual amount remaining in the account was only $126,000.

Moran, of Arlington Heights, was sentenced to 24 months in prison Thursday February 9, 2017 by Judge Harry Leinenweber, according to agent Croon.

There is a DCL Capital listed on Google at 115 S Wilke Road in Arlington Heights and at a single family home in Arlington Heights. Neither address was confirmed as the address for Moran, as attempts to confirm information at listed telephone numbers failed.




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