A Chicago investment manager who allegedly ran a Ponzi scheme and stole investors’ money was charged with fraud May 28 by federal prosecutors and the Securities and Exchange Commission (United States v. Goyal, N.D. Ill., No. 14-cr-301; SEC v. Goyal, N.D. Ill., No. 14-cv-3900).
In the criminal case, defendant Neal Goyal faces up to 20 years in prison if convicted on the single count of fraud. In the civil case, the SEC is seeking disgorgement and fines.
Both complaints were filed in the U.S. District Court for the Northern District of Illinois, which entered an asset freeze ...
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